AUD drops a few ticks after the lower than expected Australian wages data

Data is here:

• Australian wages index for Q1 2022: 0.7% q/q (vs. expected 0.8%)

The lower than expected wage rise in the January - March quarter will be eyed as making it less likely the Reserve Bank of Australia will hike by an aggressive 40bps at the June 7 meeting. 40bps are not off the table, but at the margin this data lowers the likelihood.

more to come