Australia: Any upside surprise on wage data to offer some support to AUD – ING

Market news

16 May 2023

Australia: Any upside surprise on wage data to offer some support to AUD – ING

Economists at ING are keeping a close eye on AUD this week. The Aussie could rise if wage data surprise to the upside.

Markets are not expecting any more hikes

“The Reserve Bank of Australia (RBA) minutes opened the door to more tightening if necessary, and tomorrow we’ll see the first quarter wage price index in Australia, which is expected to rise from 3.3% to 3.6% YoY. Any upside surprise may prompt some bets on further tightening by the RBA, and offer some support to AUD: at the moment, markets are not expecting any more hikes.”

“On Thursday, April employment figures will also be released and could confirm a still very tight jobs market.”

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