AUD/JPY seesaws as S&P 500 futures drop on US trade adviser Navarro’s comments

The AUD/JPY pair is witnessing a two-way business amid the decline in the S&P 500 futures, possibly triggered by White House adviser Peter Navarro’s c  |  11/12/2019 01:03
  • AUD/JPY witnessed two-way business on Navarro’s comments. 
  • US may not delay December tariff hike, Navarro told FOX Business. 
  • The US equity index futures are flashing moderate losses. 

The AUD/JPY pair is witnessing a two-way business amid the decline in the S&P 500 futures, possibly triggered by White House adviser Peter Navarro’s comments that the US is unlikely to delay additional tariffs on Chinese goods set to take effect on Dec. 15. 

The currency pair fell from 74.09 to 73.95 in a knee jerk reaction Navarro’s comments and is now trading at 74.06. The S&P 500 futures are still down 0.14% at session lows near $3,130. As a result, the JPY cross may again back below 74.00.

“There is no indication that December tariffs won’t be put on and China is trying to shape narrative and affect futures market,” Navarro told FOX Business. He added further that President Trump will take the final call and and the decision will come soon. 

White House Adviser Larry Kudlow also poured cold water over trade optimism in the overnight trade by stating that the planned tariff hike could take effect. 

Therefore, risks for the equity markets and the AUD/JPY cross are skewed to the downside. The Aussie data released in early Asian wasn’t supportive. The Westpac Consumer Confidence dipped 1.9% in December compared to the estimate of a 0.7% decline. 

Technical levels

 

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