Australian Dollar Retreats as Wage Inflation Misses Expectations

The Australian dollar fell today, following yesterday’s rally, as slower-than-expected wage growth made traders reluctant to buy the currency.
Australia’s Wage Price Index rose 0.4% in the March quarter from the previous three months, narrowly missing the analysts’ estimate of 0.5%. Yesterday, the Reserve Bank of Australia released minutes of its latest policy meeting, which turned out to be not that dovish, helping the Aussie to rally. Tomorrow, employment data will be released, and it has potential to help or hurt the currency strongly.
AUD/USD fell from 0.7323 to 0.7279 as of 10:15 GMT today. AUD/JPY was down from 79.92 to 79.66 but bounced from the daily low of 79.30.

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