AUD/JPY bulls welcome RBA’s hawkish rate hike to pierce 92.00 – by anilpanchal7 AUDJPY RiskAppetite RBA BOJ YieldCurve
matched market forecasts of announcing 25 basis points of a rate hike but tamed bears expecting a pause in the Aussie central bank’s hawkish moves during early 2023.The AUD/JPY pair also cheered the market’s firmer sentiment, due to its risk-barometer status. However, recent talks over the Bank of Japan’s exit from the easy money policies seemed to have probed the pair.
That said, Reuters quotes Takeo Hoshi, an academic with close ties to incumbent central bank policymakers, to mention that the Bank of Japan could do away with its 10-year Japanese government bond yield cap in 2023 on increasing odds that inflation and wages will exceed expectations. Earlier in the day, BOJ’smentioned that Japan has not achieved stable 2% inflation accompanied by wage rises.
The risk-on mood could be linked to the doubts over the Fed’s hawkish play amid the recent retreat in the US inflation expectations, as well as optimism surrounding China’s Covid conditions. While portraying the mood, S&P 500 Futures print 0.20% intraday gains around 4,011 while snapping a three-day downtrend. That said, the US 10-year Treasury bond yields fade the bounce off an 11-week low marked the last Friday, down three basis points to 3.56% by the press time.
Looking forward, an absence of major data/events could challenge the AUD/JPY pair buyers as BOJ hawks seem to flex their muscles.A clear upside break of the 200-DMA hurdle, close to 93.00 at the latest, becomes necessary for the AUD/JPY bulls to keep the reins.
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