AUD/JPY breaks above 91.70 despite Australian GDP trims to 5.9% – by Sagar_Dua24 AUDJPY GDP RBA Inflation PBOC
GDP data has landed at 5.9%, lower than the expectations of 6.3% and the prior release of 3.6%. While quarterly GDP data has been reported lower at 0.6% vs. the projections of 0.7% and the former release of 0.9%.
Weaker-than-projected Australian GDP data is going to support the Reserve Bank of Australia in meeting its agenda of achieving price stability. The cross remained extremely volatile on Tuesday after the RBA hiked its Official Cash Rate consecutively for the third time by 25 basis points . This has pushed the Australian interest rates to 3.10%. The decision of a 25 bps rate hike was very much in line with the estimates.that further tightening of monetary policy is likely to be forthcoming.
Meanwhile, Japanese yen investors are awaiting Thursday’s GDP data. The economic data is expected to contract by 1.1% against the prior contraction of 1.2%. While the quarterly data is likely to contract by 0.3%, similar to the prior release.
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