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Greenback Extends Gains, Aussie Gets Wounded By Wage Price Data

FOREX

The DXY was on a tear, ripped through the 96.00 figure and printed a fresh 16-month high. The greenback was able to build on Tuesday's gains inspired by strong economic data released out of the U.S. Its most recent leg higher coincided with a dip in EUR/USD, which pierced the psychological $1.3000 level for the first time since mid-2020, with talk of the triggering of stop-loss orders doing the rounds.

  • The AUD lagged behind all of its G10 peers after local Q3 wage price data failed to provide any upside surprise and matched consensus (+0.6% Q/Q & +2.2% Y/Y). The RBA had previously flagged that wages will need to rise at +3% Y/Y to generate the desired inflationary outcome.
  • Across the Tasman, the NZD held firm as PM Ardern announced that the border around Auckland will be removed on Dec 15, in time for the Christmas period. 1-week implied volatilities of NZD crosses surged ahead of the RBNZ's monetary policy announcement scheduled for next Wednesday.
  • 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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