The data from earlier:
Australia Jan. Employment Change: +12.9K (expected 0K) & Jobless rate 4.2% (expected 4.2%)
AUD/USD barely changed after the Australian January jobs report
ANZ:
- We expect Australia’s unemployment rate to fall to the low 3s this year, pushing nominal wages growth sharply higher and ensuring that core inflation spends much of this year and the next above the RBA’s target band.
- But real wages have further to fall
- Higher wage growth is coming soon, but with it higher inflation. We think it will take a considerable effort by the RBA to get inflation back in its box.
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'Real wages' will fall because inflation is higher.
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AUD update: