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Australian household spending rose 0.8% in October, surpassing expectations of a 0.3% increase, driven by ticket purchases for international music concerts and sporting events. Year-on-year, spending climbed 2.8%, exceeding the anticipated 2.2% growth, indicating a robust start to the final quarter.
Australian retail sales rose by 0.6% in October, marking the third consecutive month of growth as consumer confidence improves ahead of potential interest rate cuts. This increase surpassed expectations of a 0.4% gain and follows a modest 0.1% rise in September, according to the Australian Bureau of Statistics.
Australia's wage growth slowed to an annual 3.5% in the third quarter, down from 4.1% previously and below economists' expectations of 3.6%. Quarterly growth was recorded at 0.8%, indicating easing price pressures and reinforcing speculation of a potential interest rate cut.
AUD/USD rebounded last week, closing at 0.6582, breaking a five-week losing streak despite US dollar strength following Trump's election victory. The upcoming labour force report on November 14 is crucial, with expectations of 20,000 new jobs and a potential rise in the unemployment rate to 4.2%. Technical analysis suggests resistance at 0.6630 and a possible decline towards 0.6400.
Australia's household spending decreased by 0.1% in September, indicating that high interest rates and persistent inflation are prompting consumers to tighten their budgets. However, compared to the same month last year, spending increased by 1.3%, according to the Australian Bureau of Statistics.
Asia-Pacific markets experienced declines, led by Japan's Nikkei 225, which fell over 2% following significant losses on Wall Street. The S&P 500 and Nasdaq Composite recorded their worst days in nearly two months, influenced by disappointing earnings forecasts from Microsoft and Meta. Traders are awaiting key economic data, including China's manufacturing PMI, while Australia's producer prices index showed a year-on-year increase of 3.9%.
Australia's core inflation remains high, prompting the Reserve Bank to maintain a restrictive monetary policy. The trimmed mean measure of consumer prices increased by 0.8% in the September quarter, consistent with previous estimates, while the second quarter figure was revised upward to 0.9%.
The AUD/USD fell to 0.6750, down 0.63%, after reaching a 20-month high of 0.6942, influenced by a strong US payrolls report, rising geopolitical tensions, and disappointing Chinese stimulus expectations. Australia's job market added 47,500 jobs, maintaining a 4.2% unemployment rate, while the upcoming jobs data and Chinese stimulus speculation will be crucial for future movements. The AUD/USD is currently consolidating above 0.6700, with potential resistance at 0.6825 and support at 0.6627.
Australian Bureau of Statistics
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The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
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