- AUD/JPY edges higher in the Asian session.
- Upbeat market mood keeps the aussie higher.
- Yen delivers a non-performance on submissive economic outlook.
AUD/JPY price remains on the higher side while extending the previous day’s gain in the initial Asian session. The cross touched the intraday high at 85.11 before making the intraday low at 85.0.
At the time of writing, the AUD/JPY is trading at 85.09, up 0.06% for the day.
Upbeat US economic data fueled the market optimism on economic recovery. In addition to that, the Industrial Profits in China rose by 106% YoY in January-April, boosting the demand for commodities.
The growth prospects expected to result in higher commodity prices that led commodity-linked aussie zoomed higher.
Meanwhile, market sentiment was further boosted after the US and China cordially agreed on bilateral trade importance in the region. As per China’s Commerce Ministry, both sides exchanged views on issues of mutual concern in the latest development.
On the other hand, Japan is under selling pressure after dismal unemployment data which rose to 2.8% in April, above the market expectations at 2.7%. The policymakers warned of economic risk in their statements, adding woes for the yen.
It should be worth mentioning that S&P Futures were trading higher at 4,215.38, up 0.35% indicating improved risk appetite.
As for now investors, look ahead for US Personal Consumption Expenditure data to gauge the market sentiment.
