Australia Q2 Wage Price Index improves to 3.6% QoQ vs. 1.0% expected, 0.8% prior, AUD/USD remains pressured

Early Tuesday in Asia, the Australian Bureau of Statistics (ABS) unveils the second quarter (Q2) Wage Price Index for the Pacific major on the quarterly (QoQ), as well as the yearly (YoY) basis.

The details of the wage increase, per the ABS, suggests that the headlines Wage Price Index grew 3.6% versus 1.0% expected and 0.8% prior.

Also read: RBA Minutes: Need for further hike would depend on data, evolving assessment of risks

About Australia Wage Price Index

The Wage Price Index released by the Australian Bureau of Statistics is an indicator of labor cost inflation and of the tightness of labor 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).