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ASIAN MARKETS, AUSSIE-YEN
AUSSIE-YEN: AUD/JPY has lost altitude as broader risk appetite has been hammered
by U.S. Pres Trump's announcement of a 30-day restriction of inbound travels
from Europe (ex-UK) & his relatively lacklustre proposals for a fiscal response.
The outbreak of the novel coronavirus, now officially labelled a global
pandemic, continues to be a steady source of concern.
- AUD has looked past a A$17.6bn fiscal stimulus package unveiled by PM Morrison
today as many of its elements had been already touted in the press.
- There is continued speculation re: whether the Tokyo 2020 Olympics will go
ahead in July. Tokyo Governor & Japanese Chief Cabinet Sec Suga insisted that
the event will not be called off.
- BoJ Gov Kuroda said that he discussed financial mkts with PM Abe, adding that
the central bank is providing ample liquidity & purchasing assets to stabilise
the situation. AUD/JPY has ticked away from lows as he spoke.
- The rate sits at Y67.08, 70 pips lower on the day. Bears look for a clean
break below the lower 2.0% Bollinger band at Y66.80, before taking aim at
Monday's low of Y64.38. Bulls would be pleased by a jump above the Y68.00 mark.
MNI London Bureau | +44 203-865-3806 | krzysztof.kruk@marketnews.com