AUD/JPY aims to recapture 10-day high around 92.00 ahead of Australian Employment – by Sagar_Dua24 AUDJPY RBA Employment Inflation GDP
day as investors are worried that the Reserve Bank of Australia could raise interest rates further to tame Australian inflation.
On Wednesday, the Australian Bureau of Statistics reported mixed Q1 Wage Price Index data. The quarterly labor cost index remained steady at 0.8% but lower than the estimate of 0.9%. On an annual basis, the economic data accelerated to 3.7% vs. the consensus of 3.6% and the former release of 3.3%. A stubborn labor cost index could keep the overall demand elevated and eventually, the Australian inflation, which could force RBAGoing forward, Australia’s Employment data will provide more clarity.
Economists at Commerzbank believe that “The main risk remains that the labor market data might surprise to the upside. A surprise of that nature would further fuel recent hopes of a further rate step and would no doubt be positive for the Aussie.” showed a decent rise in Q1 numbers. Preliminary Q1 GDP accelerated by 0.4% vs. the estimates of 0.1%. In the last quarter, the GDP growth remained stagnant.
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