AUD getting a boost from commodity market

China has raised its booking prices in the steel market for the 3rd consecutive month and this is giving the AUD some bullish sentiment today. The AUD/JPY market hasn’t suffered from the same selling pressure as USD/JPY, allowing the commodity market to influence the Aussie.

  1. Good evening Sean,

    I am not really sure to understand the price action on USD/JPY after the BOJ meeting. However, the BOJ has given to Japan government a strong signal (2% inflation target + open-ended asset purchase commitment). Is it good news for YEN bears ?

  2. Yes correct Papillon but the Japanese mkt in particular is already very long so hence the profit taking. I’ve got no super strong view, looks like 88/90 range in USD/JPY

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