AUD/JPY TRADES HIGHER NEAR 91.00 DESPITE CAUTIOUS REMARKS FROM CHINESE FOREIGN MINISTRY
AUD/JPY TRADES HIGHER NEAR 91.00 DESPITE CAUTIOUS REMARKS FROM CHINESE FOREIGN MINISTRY
The AUD/JPY currency pair has recently reversed a three-day losing streak, trading around 90.90 during Wednesday's European session.
This rebound is primarily attributed to resilient Australian economic data and a positive global risk sentiment, despite cautious remarks from China's Foreign Ministry.
Australia's recent economic indicators have bolstered the Australian Dollar.
The Consumer Price Index (CPI) for the first quarter of 2024 rose by 1.0% quarter-over-quarter, surpassing expectations of 0.8%. Additionally, the Judo Bank Composite Purchasing Managers Index (PMI) surged to a 24-month high of 53.6 in April, indicating robust economic activity.
Global market sentiment has improved, favoring risk-on assets like the Australian Dollar.
This shift is partly due to China's stimulus measures aimed at boosting domestic consumption, which have positively impacted investor confidence.
Despite the positive economic data, China's Foreign Ministry issued cautious statements regarding international relations, which could introduce uncertainties into the market.
these remarks have not significantly dampened the prevailing positive sentiment toward the Australian Dollar.
The AUD/JPY pair is currently trading near the 90.90 level. Key support is observed around 90.50, while resistance is noted at 91.50.
A break above resistance could signal further bullish momentum, while a dip below support might indicate a reversal.
