AUD/JPY punished through hourly 50 SMA

By FXStreet FXStreet (Guatemala) – AUD/JPY dropped to the support of the hourly 50 SMA at 84.44 on the release of negative retail sales data for Australia.

AUD/JPY has fallen on the back of the retails sales data that came in as yet another disappointment for the economy and the RBA who recently left rates on hold, rather waiting to see that act for the time being. Retails Sales came in at -01% vs +0.4% expected.

This data comes after the Aussie was pressured lower yesterday from the weak GDP Q2 data, that reinforced concerns over the negative fallout impact from weakening growth in Asia. The data yesterday revealed that Australia’s economy slowed more sharply than expected expanding by just 0.2% in Q2 following a robust expansion of 0.9% in Q1. This also left the annual rate of real GDP growth eased to 2.0% which was the slowest pace since Q3 2013.

AUD/JPY supported on USD/JPY

The cross may not have been punished as much as it deserves here while markets have been operating within a better risk environment overnight with a good performance on Wall Street. Also, China are out for the next four days, while USD/JPY remains robust on …read more

Source:: FX Street