AUD/JPY dives to sub-95.00 levels on softer Australian CPI, recovers a few pips thereafter – by hareshmenghani AUDJPY Inflation RBA BOJ Currencies
und the 95.85 region touched the previous day. The downward trajectory picks up pace following the release of softer-than-expected Australian consumer inflation figures and drags spot prices below the 95.00 psychological mark, or a fresh daily low in the last hour.
The Australian Bureau of Statistics reported that the headline CPI rose 0.8% in the second quarter, missing estimates for a reading of 1% and well below the 1.4% previous. Over the past twelve months to June, the rise in consumer prices slowed to 5.4% from 5.6% in May. Furthermore, the Reserve Bank of Australia's Trimmed Mean CPI slowed to 1% during the April-June period and the yearly rate decelerated from 6.6% to 5.9%, falling short of market expectations.
That said, the latest optimism led by expectations for more stimulus measures from China lends some support to the China-proxy Aussie. Meanwhile, growing acceptance that the Bank of Japan will stick to its dovish stance, along with the underlying bullish sentiment around the equity markets, undermines the safe-haven Japanese Yen . This, in turn, should help limit any meaningful downside for the AUD/JPY cross.
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