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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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Free AccessVIEW: Goldman: WPI Lowers Chance Of 50bp Hike In June, Labour Market > WPI
Goldman Sachs note that “Australia's Wage Price Index (ex. bonuses) increased +0.65% Q/Q in Q122, softer than expected. Annual growth picked up 10bp to 2.4% Y/Y. Compositionally, private-sector wages growth remained steady at 0.7% Q/Q (+2.38% Y/Y) while public-sector wages growth picked up +0.7% Q/Q (+2.10% Y/Y). Wages growth across sectors was mixed, featuring a slight pick up in professional services and construction but ongoing surprisingly soft wages growth in mining (+1.8% Y/Y) - despite very strong signals of labour cost pressures from alternative indicators. Overall, today's downside surprise reduces the likelihood of a 50bp RBA hike at the June meeting as we expect, although we think tomorrow's labour force statistics are more important for the RBA's reaction function than the WPI at this point.”
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.