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Aussie Takes Hit From Wage Price Data

FOREX

Some modest selling pressure hit the Aussie dollar after local Q3 wage price data failed to provide any upside surprise and matched consensus (+0.6% Q/Q & +2.2% Y/Y). Recall that the RBA have flagged that wages will need to rise at +3% Y/Y to generate the desired inflationary outcome.

  • Antipodean divergence evident, as AUD/NZD has snapped its five-day winning streak and retreated past yesterday's low.
  • Worth flagging a fairly aggressive jump in 1-week implied volatilities in NZD crosses, as participants prepare for the next RBNZ monetary policy decision, due in one week's time.
  • JPY outperforms at the margin, as the Nikkei 225 has slid into negative territory. A Jiji report surrounding imminent discussions of a capital gains hike within government circles has been doing the rounds.
  • Inflation data from the EZ, UK and Canada take focus from here. Central bank speaker slate features a slew of Fed, ECB, BoE & Norges Bank members.
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