Australian Dollar Falls as Wage Growth Stagnates

The Australian dollar fell today against its major rivals, though it has trimmed losses against some of them by now. The main reason was underwhelming wage inflation, though the falling consumer confidence was not helping the currency either.

The Wage Price Index rose 0.5% in the September quarter from the previous three months. While it was the same rate of growth as in the June quarter, the increase was below the forecast 0.7%. The Westpac Melbourne Institute Index of Consumer Sentiment declined 1.7% in November from October.

AUD/USD fell from 0.7628 to 0.7594 as of 14:23 GMT today, and its daily low of 0.7575 was the lowest since July 7. AUD/JPY dropped from 86.54 to 85.64, trading near the lowest level since August 11.

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