AUD/USD was pressured slightly in recent trade following the Wage Price Index released by the Australian Bureau of Statistics is an indicator of labour cost inflation and of the tightness of labour markets.

The Reserve Bank of Australia pays close attention to it when setting interest rates. A high reading is positive (or bullish) for the AUD, while a low reading is seen as negative (or bearish).  The data arrived with Australia Wage Price Index for the fourth quarter for 2021 +0.7% vs. expected 0.7% and year on year, 2.3% vs 2.4% expected. Following the data, the odds of an RBA rate hike in June dropped below 50%.

AUD/USD M5 chart

The AUD dropped vs the dollar o the release as seen in the above five minute chart.