AUDJPY post-RBA; eyeing next week's AU jobs print
The RBA minutes yesterday didn't really throw any curveballs, confirmed the hold, but the language around future moves remains very data-dependent, as expected. We saw some mild softening in AUD after the initial knee-jerk, but nothing dramatic. $AUDJPY has been holding up fairly well around the 111.50-111.60 area today, currently at 111.576. The real test for the Aussie, at least on my radar, is next week's employment data out of Australia.
If we get a strong read there, especially on the unemployment side, it could reignite some of the hawkish sentiment that's been bubbling under the surface for the RBA. That could provide a decent catalyst for AUD to push higher, potentially breaking out of this consolidation range we've been in against the yen. Conversely, a weaker print could see a quicker retrace. I'm keeping AUD on my watchlist, specifically how it reacts around that 111.50 support on $AUDJPY into next week's numbers. Will be interesting to see if this level holds if the data disappoints, or if the bullish momentum has enough legs from other factors to shrug it off.
I agree, the RBA minutes were largely as expected, not much new information to shift the AUD significantly. All eyes will definitely be on the employment data next week to see if there's any substantial movement, especially with the current range-bound behavior.