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AUD/JPY tumbles below 90.00 as market sentiment deteriorates

Daniel Rogers

May 12, 2022 10:54

The AUD/JPY pair has fallen below the two-day low at 89.78 and is projected to prolong losses as negative market sentiment has dampened demand for risk-perceived assets. The asset's five-day losing run extended on Thursday, and a significant decline to roughly $86.00 is anticipated.

 

The asset remained under the control of bears after the Reserve Bank of Australia's (RBA) rate hike decision failed to excite market participants. The Reserve Bank of Australia (RBA) raised interest rates by 35 basis points (bps) for the very first time since the introduction of the Covid-19. Rising pricing pressures compelled RBA Governor Philip Lowe to take a surprisingly hawkish stance on monetary policy last week.

 

In addition, the sixth straight decline in Australian Westpac Consumer Confidence prompted market players to sell the Australian dollar. The Australian economic data came in at -5.6%, substantially lower than the previous number of -0.9%. Eventually, the antipodean was affected by the persistent decline in confidence among the populace.

 

In the meantime, the Japanese yen is strengthening its safe-haven appeal. The yen's value has been supported by the market structure of value buying. The Monday release of the Japan Produce Price Index (PPI) will provide investors with additional guidance. The preliminary estimates for the monthly and annual PPI are 0.3% and 9.7%, respectively. 

AUD/JPY

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