7/29/2021 10:33:23 PM GMT | By Anil Panchal
AUD/JPY remains pressured, on the way to post fifth weekly loss.
Virus updates battle risk-on mood, stimulus headlines to confuse traders.
Australia infections jumped to August high, Japan plans to add more prefectures for emergency.
Second-tier Japan, Aussie data and risk catalysts will be the key.
AUD/JPY edges lower despite the recent pick-up around 81.00 during the early Asian session on Friday. The cross-currency pair stepped back from the 200-DMA the previous day after market sentiment improved but the covid updates from Australia and Japan came out bleak. Also weighing on the pair could be the mixed data from Tokyo and Canberra.
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5/31/2021 10:18:36 AM GMT
Notes/Observations
- CPI reading from Spain and Germany saw the YoY above ECB target level.
- Various German States saw their May inflation data registered its biggest increase since fall 2018 mainly due to the base effect from higher energy prices.
- China PBoC takes action to curb recent CNY currency strength.
- US and UK markets closed for holidays.
Asia:
- China May Manufacturing PMI (Govt Official) registered its 14th month of expansion (51.0 v 51.1e).
- China PBOC sets the Yuan reference rate at 6.3682 for its strongest fixing since mid-May 2018).
- Former China PBOC official Sheng Songcheng said fast yuan appreciation probably will not last, suggests the Yuan is overbought ; says the rise in CNY suggests short-term speculation.
May 31, 2021 15:21 GMTFXStreet News
AUD/USD is trading in the positive territory on Monday.
US Dollar Index fluctuates in a very tight range at the start of the week.
Focus shifts to Reserve Bank of Australia’s (RBA) policy announcements.
The AUD/USD pair registered small losses last week but managed to stage a rebound on Monday. As of writing, the pair was rising 0.32% on a daily basis at 0.7738.
Nevertheless, with the trading conditions remaining thin due to the Memorial Day holiday in the US, AUD/USD is likely to spend the rest of the day in a tight range. Reflecting the choppy market action, the US Dollar Index is moving sideways around 90.00.