The AUD/JPY pair faces selling pressure after a pullback move to near 96.00 in the European session. The risk barometer found offers as investors shif
t focus to the interest rate decision by the Reserve Bank of Australia , which will be announced on Tuesday.
An interest rate hike of 25 basis points is expected in the remainder of 2023 as wages are expected to spike further after a large mandated increase in the minimum and award wages. Meanwhile, the monthly Consumer Price Index in Australia accelerated to 5.2% in August from a 4.9% reading from July due to a rise in energy prices.
The Australian Dollar struggles for a firm footing as Caixin Manufacturing PMI for September missed estimates by a wide margin but managed to remain above the 50.0 threshold, released on the weekend. The economic data landed at 50.6 lower than estimates and the August reading of 51.2 and 51.0 respectively despite supportive measures from expansionaryby the People’s Bank of China . The Australian Dollar, being a proxy for China’s economic growth, faces pressure against the Japanese Yen.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
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