AUD/JPY Drops to 74.30 as Aussie Q3 GDP Slips Beneath Forecast on QoQ
Wednesday, 4 December 2019 08:13 WIB | CURRENCIES |Dollar Australia,Aussie

AUD/JPY declines to 74.30 Wednesday™s Asian session as Australia™s Q3 GDP lagged behind consensus on QoQ.

Australia™s third-quarter (Q3) Gross Domestic Product (GDP) slipped to 0.4% on QoQ versus expectations of no change at 0.5%. Though, the yearly figure matched upbeat expectations of 1.7% growth against 1.4% prior. Elsewhere, Japan™s November month Jibun Bank Services Purchasing Managers™ Index (PMI) rose to 50.3 versus expected outcome of 50.4 and 49.7 prior.

Escalation of trade war concerns remains to be the key driver of the market™s recent risk-off sentiment. The United States (US) and China are now signaling phase-one in 2020 versus the previous expectations of it by the year-end. While the US Trade Secretary Wilbur Ross leads the Trump administration speakers to convey their bargaining tricks, China™s retaliation to the Hong Kong Act portrays the other extreme. The latest on this comes from Reuters claiming that the US House has passed a bill demanding sanctions on senior Chinese officials.

Also contributing to the risk sentiment are increasing odds of the US President Donald Trump™s impeachment. The recent news from Reuters mentions that the US House Intelligence Committee has approved US President Trump's impeachment report.

In a reaction to the market™s risk-off, the US 10-year treasury yields slipped more than 10 basis points to sub-1.72% on Tuesday, taking rounds to 1.725% by the press time.

Having witnessed initial market reaction to the Aussie data and risk catalysts, markets will now look forward to China™s Caixin Services PMI, bearing a consensus of 52.7 against 51.1 prior, for the November month outcome, could entertain the pair traders.

Source : FX Street

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