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MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
AUD
The pair fell ~0.5% yesterday after meeting resistance at the 200-Day EMA on Tuesday as weaker commodities, Bloomberg Commodity Index fell ~1.1%, and US equities, S&P was down ~0.6%, weighed on the AUD.
- AUD/JPY now sits at ¥90.75/85, since breaking above the 20-Day EMA in early May the measure has provided support with the pair unable to sustain breaks of the 200-Day EMA the pair remains well within recent ranges.
- Bulls first target is the 200-Day EMA (¥91.24), a break through here opens the high from 2 May at ¥92.44.
- Bears immediate focus is on 20-Day EMA (¥90.41), with ¥89.16 the low from May 4 providing the next support level.
- On the wires today we have the preliminary print of Q1 GDP from Japan, the market expects annualized growth of 0.8% in q/q terms, versus 0.1% prior.
- Also scheduled to cross is Q1 Wage Price Index from Australia. The market looks for a 0.9% q/q outcome (forecast range is 0.8-1.1%), versus a prior 0.8% outcome. Y/Y is projected at 3.6% versus 3.3% prior.
Fig 1: AUD/JPY Daily Spot, EMAs
Source: MNI/Bloomberg
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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