Aussie Treads Water Ahead Of Labour Market Report

AUD/USD quickly unwound its post-RBNZ blip higher Wednesday and retreated in European hours, before recouping losses over the WMR fix in tandem with downswing in the DXY.

• The rate last trades at $0.7451, little changed on the day. A dip through yesterday's low of $0.7392 would bring Mar 22 low of $0.7376 into view. Conversely, a rebound above Apr 7 high of $0.7519 would open up Apr 5 high of $0.7661.
• Focus group research commissioned by the Australian Financial Review found that views of PM Morrison are "largely, but not entirely negative," but "Labour leader Anthony Albanese is regarded as dull, disinterested, uninspiring and too negative." Ipsos noted that the Labour leader may struggle to sway undecided voters, with several experiment participants using the phrase "better the devil you know."
• The data on Australia's consumer inflation expectations will be published at the top of the hour, with the closely watched labour market report coming up half an hour later.
• WSJ's RBA watcher Glynn tweeted that he expects the Reserve Bank to "remain poker faced in May even if today's unemployment rate prints below 4% and 1Q trimmed mean CPI is well above 3% on-yr on April 27. Wages are still a key piece of the puzzle."