AUD/JPY drops below 91.50 despite chances of more rates from RBA – by Sagar_Dua24 AUDJPY RBA GDP Inflation InterestRate
expected to continue its downside journey to near 91.30. The cross is not showing signs of recovery despite rising chances of a hawkish monetary policy from the Reserve Bank of Australia .could be more rates announcement despite signs of inflation softening. January’s monthly Consumer Price Index revealed a sheer deceleration but is insufficient to force the RBA to consider a pause in the policy-tightening spell.
Analysts at SocGen believe “Recent signs in the macroeconomic data, such as the decline in inflation, the rebound in the Unemployment Rate, relatively lukewarm wages growth and the confirmation of consumption slowdown all support a 25 bps hike in March. They also support our base scenario of a terminal policy rate at 3.85%, despite the financial market’s more hawkish expectation on US Fed policy.”
This week, the Japanese Yen will focus on the Gross Domestic Product data, which is scheduled for Thursday. As per the consensus, the annualized GDP data shows that the Japanese economy has expanded by 0.8% higher than the prior expansion of 0.6%. While the quarterly data is expected to deliver a steady growth of 0.2%.
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