Average Hourly Earnings y/y comes in at 3.1% against 3.4% consensus

Average Hourly Earnings year over year for the United States came in at 3.1%, falling short of the consensus estimate of 3.4%. The actual print also represented a decrease from the previous figure of 3.2%. This outcome marked a -8.8% surprise against the consensus.

Following the release, the US Dollar saw broad strength against major pairs. AUDUSD traded down 21 pips after 5 minutes and 20 pips after 15 minutes. EURUSD was down 30 pips at 5 minutes and 27 pips at 15 minutes. GBPUSD declined 32 pips at 5 minutes and 35 pips at 15 minutes. NZDUSD fell 25 pips at 5 minutes and 27 pips at 15 minutes. USDCAD moved up 75 pips at 5 minutes and 70 pips at 15 minutes. USDCHF gained 36 pips at 5 minutes and 33 pips at 15 minutes. USDJPY rose 37 pips at 5 minutes before settling at 22 pips after 15 minutes. XAUUSD dropped 699 pips at 5 minutes and 759 pips at 15 minutes.

These initial moves for AUDUSD, EURUSD, GBPUSD, NZDUSD, USDCHF, and USDJPY are generally larger than their respective median 1-hour moves, which range from 16 pips to 27 pips. USDCAD’s move of 70 pips after 15 minutes significantly exceeds its median 1-hour move of 26 pips and its top-quarter threshold of 41+ pips. XAUUSD’s decline of 759 pips is also considerably larger than its median 1-hour move of 56 pips and its top-quarter threshold of 126+ pips.