AUD/JPY remains on the defensive below the 93.80 mark following the Chinese inflation data – by lilyfinancial AUDJPY Crosses Macroeconomics
Chinese Consumer Price Index YoY fell 0.3% from 0% prior and -0.4% expected.The AUD/JPY cross remains on the defensive below the 94.00 mark during the early Asian session on Wednesday. The cross currently trades around 93.77, down 0.05% for the day. The Chinese inflation data fails to inspire the China-proxy Australian Dollar .
Earlier this week, China's trade balance increased to $80.6 billion, exceeding expectations of $70.6 billion and $70.62 billion prior. While, the dollar value of China’s exports YoY in July plunged -14.5%, worse than expectations of -12.5% in June, and Imports dropped -12.4% YoY from -5%. In Japan, Household Spending YoY dropped from 4.0% to 4.2% in June, a fourth month of decline. Average Cash Earnings y/y came in at 2.3% from 2.9%, which was worse than the estimated 3.0%. Further detail revealed that households with two or more people spent an average of 275,545 yen . This figure could raise concerns about the Bank of Japan's ultra-loose monetary policy.
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