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Australian dollar slides to six-month low versus yen
AUD/JPY fell to a six-month low after Australia’s CPI showed August inflation cooling on a monthly basis but rising to 4.0% year over year.
Australia’s Australian dollar weakened against the Japanese yen, with the AUD/JPY cross under heavy selling pressure for a second straight day and hitting a six-month low during the Asian session, according to FXStreet.
The move followed Australia’s consumer inflation data, with the Australian Bureau of Statistics reporting that headline CPI rose 0.4% in August, down from 1.0% the prior month, while the yearly rate accelerated from 3.5% in July to 4.0%.
FXStreet also said the trimmed mean CPI held steady at 3.6% year over year, and that the data did not revive expectations for another interest rate hike by the Reserve Bank of Australia, keeping downward pressure on AUD/JPY.
FXStreet added that the market focus shifted to whether price could break and hold below 109.00 before any further losses, while noting that China’s official PMIs showed growth in September for both manufacturing and services activity.