- Australian Dollar sees little action after above-forecast Australian wage growth data.
- The wage price index rose 0.6% quarter-on-quarter in the second quarter.
Australia reported a better-than-expected wage growth data for the second quarter at 01:30 GMT, but so far, the AUD has failed to pick up a strong bid.
The AUD/USD pair rose ten pips to hit a session high of 0.6809 immediately after the upbeat data hit the wires and is now trading largely unchanged on the day at 0.6797.
The Australian wage price index rose 0.6% quarter-on-quarter in the second quarter, beating the estimated print of 0.5%. The annualized figure came in at 2.3% as expected.
The RBA expects higher wages to lead to higher consumption and inflation, so the better-than-expected wage price index should have put a bid under the AUD.
These fears could be bolstered if China's retail sales and industrial production data due at 02:00 GMT, prints well below estimates. In that case, the AUD/USD will likely fall toward Tuesday's low of 0.6746.
On the other hand, an above-forecast data could lift the AUD/USD pair to levels above 0.68.
- R3 0.6899
- R2 0.6859
- R1 0.6828
- PP 0.6787
- S1 0.6757
- S2 0.6716
- S3 0.6685
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