AUD/JPY rebound struggles below 92.00, RBA Interest Rate Decision in focus – by anilpanchal7 AUDJPY RBA RiskAppetite YieldCurve Crosses
The cross-currency pair began the week on a firmer footing amid hopes of a faster recovery in China as multiple states from the Dragon nation announced an easing of the Covid-led activity restrictions. However, challenges for the Bank of Japan’s easy monetary policy appeared to have weighed on the pair afterward.
Additionally, doves at the Bank of Japan appear losing their previous status as talks of altering the inflation target and a gradual exit from the easy-money policies are taking rounds of late. The last week, Japanese media Asahi quotes Bank of Japan Board Member Naoki Tamura as saying, “The Bank of Japan should conduct a review of its monetary policy framework and the feasibility of its 2% inflation target.
Additionally, China Caixin/S&P Global Services Purchasing Managers' Index fell to 46.7 from 48.4, marking the third monthly contraction in a row. In doing so, the private services gauge also dropped lowest levels in six months.
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