The focus of AUD traders will be on tonight’s Australia’s labor market.
In that regard, Barclays Capital Research expects wage growth to remain modest, but to show a bottoming in Q1 17 (Barclays: 0.6% q/q and 2.0% y/y; last: 0.5%/1.9%).
On employment, Barclays thinks a negative pullback is likely after the surge in employment and disruption from Cyclone Debbie in Queensland, but underlying employment conditions should remain firm (Barclays: -35k; last: +60.9k).
Barclays expect the unemployment rate to edge lower to 5.8% (last: 5.9%).
Strategy-wise, Barclays maintains promoting selling AUD/NZD bounces.
Source: Barclays Research
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