Forex
Australia's Wage Growth Steadies at 3.2% as RBA Rate Cut Chances Rise
Australia's Wage Price Index rose by 3.2% year on year in the second quarter, matching market expectations.
This steady wage growth indicates that domestic inflation is securely on track to meet the Reserve Bank of Australia's target band.
The central bank's pressure to maintain a restrictive policy has eased, and interest rate derivative traders are now recommending building long positions in Australian 3-year and 10-year government bond futures.