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28 Jul 2020

AUD/JPY jumps above 10-day SMA as Asian stocks rise

  • AUD/JPY is mildly bid above key average amid gains in stock markets. 
  • Risk reset weighs over the safe-haven Japanese yen. 
  • Gold prices trade at record highs, put a bid under the Aussie dollar. 

The Aussie dollar is pushing higher against the anti-risk Japanese yen with the Asian stocks flashing green and gold extending its record rally. 

The AUD/JPY pair is currently trading above the 10-day simple moving average (SMA) of 75.44, representing a 0.20% gain on the day. 

Stocks rise

Major Asian indices like Japan's Nikkei, South Korea's Kospi, and Hong Kong's Hang Seng are up 0.30% to 1.7%. Even stocks in China are better bid despite the escalating tensions with the US and keeping the anti-risk yen under pressure. The futures tied to the S&P 500, too, are adding over 0.30% at press time.

The prospect of endless stimulus looks to be fueling gains in the Asian stocks at a time when nations are the globe are announcing fresh travel curbs amid the resurgence of coronavirus cases, according to Reuters. 

Markets expect the US Congress to approve a new $1 trillion coronavirus aid package before enhanced unemployment benefits expire on Friday. Also, there is a general consensus in the market that the US Federal Reserve would sound dovish this Friday, possibly yielding a deeper drop in the US 10-year real or inflation-adjusted bond yield and further rally in both stocks and gold. 

The yellow metal is currently trading at record highs above $1,970 and is likely drawing bids for the Aussie dollar. Gold is one of Australia's top exports. 

Technical levels

 

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