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AUD / JPY Falls Below 91.50 Despite RBA Rate Increase Prospects

Alina Haynes

Mar 07, 2023 13:41

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The AUD / JPY pair has moved its auction below 91.50 during the early Asian session. The risk barometer is confronting offers while attempting a recovery, and it is anticipated that its decline will continue to around 91.30. Despite increasing likelihood of a hawkish monetary policy from the Reserve Bank of Australia, the cross shows no signs of recovery (RBA).

 

The Consumer Price Index (CPI) for January showed a significant deceleration, but not enough for the RBA to suspend its policy tightening.

 

GDP increased by 0.5% in the fourth quarter, which was less than the consensus estimate of 0.8% and the previous release of 0.7%.

 

Analysts at SocGen believe that "recent signals in the macroeconomic data, such as the decline in inflation, the revival in the unemployment rate, relatively tepid wage growth, and the confirmation of a decline in consumption, all support a 25 basis point increase in March." Despite the markets' more pessimistic view of US Fed policy, they sustain our baseline scenario of a terminal policy rate of 3.85%.

 

, The annualized GDP data indicate that the Japanese economy has expanded by 0.8%, which is 0.8% more than the previous expansion of 0.6%. While it is expected that the quarterly statistics will show a steady growth of0.2%, it is anticipated that the yearly growth rate will be 0.4%.


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