Watching for an impact on the Australian dollar today from the data.
Wage growth has been slow. Which, along with high debt loads, has weighed on household spending and slowed the economy somewhat.
Expectations are low for positives on wages, so there is potential for an upside surprise to give the AUD a boost. But ... yeah, emphasis on the surprise, so watch for that as it is not the base line case.
The data is due at 0130GMT:
Australia - Q1 Wage Price Index
- expected +0.6% q/q, prior +0.6%
- expected +2.1% y/y, prior +2.1%
I posted a preview of yesterday: Australian wage growth data - preview of Q1 Wage Price Index
Another, this via ANZ:
- After growth of 0.6% q/q in Q4, we expect the WPI to rise by 0.5% in Q1, leaving the annual growth at 2.1%.
- With firms finding it increasingly difficult to find suitable labour, we continue to expect wage pressures to build.
- Given the large amount of spare capacity in the labour market, however, the improvement is likely to be quite gradual.
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Meanwhile NAB say they are expecting 0.6% q/q with 'downside risks to this forecast'