The Reserve Bank of Australia (RBA) has adopted a hawkish stance on interest rates.
The RBA raised its OCR by 50 basis points to 0.85 percent, above the 25 basis point rise predicted.
In April, the Australian economy added only 4k jobs, compared to the 30k predicted. As a result, market participants saw a 25 basis point rate increase as merely tightening monetary policy.
Meanwhile, the Bank of Japan's (BOJ) ultra-easy monetary policy will continue to haunt the yen bulls.
BOJ Kuroda's intervention fails despite the fact that the pair is overbought.
Haruhiko Kuroda, Governor of the Bank of Japan (BOJ), interjected verbally, stating that the large yen depreciation in a short period of time is detrimental to the Japanese economy.
The RBA raised its OCR by 50 basis points to 0.85 percent, above the 25 basis point rise predicted.
In April, the Australian economy added only 4k jobs, compared to the 30k predicted. As a result, market participants saw a 25 basis point rate increase as merely tightening monetary policy.
Meanwhile, the Bank of Japan's (BOJ) ultra-easy monetary policy will continue to haunt the yen bulls.
BOJ Kuroda's intervention fails despite the fact that the pair is overbought.
Haruhiko Kuroda, Governor of the Bank of Japan (BOJ), interjected verbally, stating that the large yen depreciation in a short period of time is detrimental to the Japanese economy.