US Average Hourly Earnings m/m comes in at 0.1% against 0.3% consensus

US Average Hourly Earnings m/m for October came in at 0.1%, according to data released today. This figure was below the consensus expectation of 0.3% and also represented a decrease from the previous month’s 0.3%. The actual print showed a -55.9% surprise against the market consensus.

Following the release, the US Dollar generally weakened against most major currencies. AUDUSD rose 23 pips one hour after the print, compared to its median 1-hour move of 16 pips after past releases. EURUSD gained 21 pips, aligning with its median 1-hour move of 21 pips. GBPUSD saw a 21 pip increase, near its median 1-hour move of 22 pips. NZDUSD moved up 12 pips, which was below its median 1-hour move of 16 pips. USDCAD moved -6.0 pips, a relatively small move compared to its median 1-hour move of 26 pips. USDCHF was up 14 pips one hour after the release, near its median 1-hour move of 17 pips. USDJPY declined 15 pips, below its median 1-hour move of 26 pips. Gold, XAUUSD, rose 88 pips, above its median 1-hour move of 55 pips.