The Aussie was immediately sold off across the board this morning in the wake of more weak wages data.
Quarterly wage growth missed expectations with a quarterly rise of just 0.5%, against 0.7% forecast.
A short time ago, the AUD had fallen back under US76 cents in the wake of the release. Here’s the chart, via Investing.com.
The Aussie is now trading at its lowest level against the greenback since early July, and this morning’s data adds further pressure to the currency which was already facing downside risks.
It was another poor result for a key indicator of the Australian economy, given that recent wage growth figures have already been languishing at multi-year lows.
Continued weakness in wage growth is likely to weigh on the outlook for domestic consumption — which makes up around 60% of Australia GDP — as Australian households face the prospect of high household debt in a cooling market and rising energy costs.
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