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

The US Average Hourly Earnings month over month report, released on 2026-08-07 at 12:31 UTC, showed a print of 0.1%. This figure came in below the consensus expectation of 0.3% and was also lower than the previous month’s reading of 0.3%. The actual result represented a -66.7% surprise compared to the market consensus.

In the 15 minutes following the release, the US Dollar weakened across the board. AUDUSD rose by 33 pips, EURUSD gained 44 pips, and GBPUSD advanced by 50 pips. NZDUSD saw an increase of 32 pips. Conversely, USDCAD fell by 45 pips, USDCHF declined by 41 pips, and USDJPY dropped by 106 pips. Gold, XAUUSD, moved up by 535 pips. These initial moves were notably larger than the typical reactions observed after past releases. For instance, the 106-pip drop in USDJPY and the 535-pip rise in XAUUSD significantly exceeded their respective top-quarter historical 1-hour moves of 42+ pips and 124+ pips.