AUD/JPY bulls attack 90.00 as BoJ Minutes defend easy-money policy, China data eyed – by anilpanchal7 AUDJPY BOJ RiskAppetite YieldCurve Crosses
“It is important to continue with monetary easing,” said the Bank of Japan Minutes statement. The BoJ Minutes also stated that the members agreed Japan's inflation likely to slow toward latter half of next fiscal year.Elsewhere, receding fears of the global banking debacle and a return to the 2008 financial crisis due to the latest fallouts of the Silicon Valley Bank and Signature Bank seem to favor the sentiment and underpin the AUD/JPY pair’s upside momentum.
Amid these plays, S&P 500 Future print mild gains while tracking the Wall Street benchmarks whereas the US Treasury bond yields struggle for clear directions after positing the biggest daily gains in five weeks the previous day. Looking ahead, China’s February month data dump, including the Fixed Asset Investment, Industrial Production and Retail Sales could direct immediate AUD/JPY moves. That said, China’s Retail Sales is expected to improve to 3.5% versus -1.8% prior while the Industrial Production growth could also rise to 2.6% from 1.3% previous readings. However, the Fixed Asset Investment is likely to have eased to 4.4% YoY so far in 2023, till February, versus 5.1% prior.
Additionally, headlines conveying the market sentiment after the SVB fallout and the bond market moves will also be important for the AUD/JPY traders to watch for clear directions.AUD/JPY bulls need to cross a seven-week-old horizontal support-turned-resistance area, around 90.15-25, to confirm further upside momentum.
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