AUD/JPY looks to overstep 92.00 as progress on the Russia-Ukraine peace talks improve risk appetite By Sagar_Dua24 AUDJPY RiskAppetite Commodities BOJ YieldCurve
eace talks. The negotiators from both nations stated that they have reached an agreement on enough elements of a potential peace agreement that it is ready to be discussed between Russian President Vladimir Putin and Ukrainian President Volodymyr Zelenskyy.
Also, the hangover of unlimited buying of the Japanese Government Bonds by the Bank of Japan with an intention to cap the yields at 25 basis points got over and the yen surrendered its gains. A follow-up buying was observed after the conclusion of the four-day bond-buying program in which the BOJ bought longer period JGBs to halt yield curve inversion.
The Japan Chief Cabinet Secretary Matsuno cited that, according to the BOJ’s Tankan survey the economy is marching upward despite persisting issues from the Covid-19 pandemic. Adding to that, the BOJ is cautious about the rising commodity prices. Theofficials stated that Japanese manufacturers have mainly pointed to the impact of rising raw material prices and parts shortages on current business conditions.
Meanwhile, the aussie dollar has performed against the Japanese yen despite poor China’s Caixin Manufacturing Purchase Managers Index data. The IHS Markit has reported the Caixin Manufacturing PMI on Friday at 48.1, much lower than the market consensus of 49.7 and the previous figure of 50.4. Australia, being a leading exporter to China claims a positive relationship with the Chinese
. Also, the antipodean has been the most preferred pick on rising commodity prices globally, which are fetching more flows into the Australian economy.
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