See today’s full USD/JPY forecast with chart setups and trade ideas.

AUD/USD: Monthly Employment Earnings to Spotlight the RBA

Turning to the AUD/USD pair, investors are bracing for crucial wage data. Wage growth trends are a key consideration for the RBA and monetary policy decisions.

Rising wages may fuel consumer spending and demand-driven inflation. A higher inflation outlook could reduce expectations of a Q4 RBA rate cut, lifting demand for the Aussie dollar.

On the other hand, softer wage growth could dampen demand-driven inflation, supporting further RBA rate cuts.

According to the ABA, total wages and salaries paid by employers rose 0.9% month-on-month in March and by 5.8% year-on-year. The Wage Price Index, a separate wage growth indicator, rose 0.8% quarter-on-quarter in the second quarter, down from 0.9% in the previous quarter.

AMP Head of Investment Strategy and Chief Economist Shane Oliver projected a November rate cut and further policy easing in H1 2026, stating:

“We continue to see the RBA cutting rates again in November, February and May taking the cash rate down to 2.85%.”

Will today’s wage data confirm Oliver’s forecast—or surprise markets?

Beyond the data, the People’s Bank of China’s loan prime rate decision could influence AUD/USD trends. Markets predict the PBoC will leave the one-year and five-year LPRs at 3% and 3.5%, respectively. A surprise cut to LPRs could boost domestic demand, potentially improving Aussie trade terms.

For context, Australia has a trade-GDP ratio of over 50%, with roughly one-third of shipments bound for China.

AUD/USD: Key Scenarios to Watch

• Bearish AUD/USD Scenario: Softer wage growth or dovish RBA guidance. These factors could push AUD/USD below the $0.6450 support level, potentially exposing the crucial $0.6400 support level.
• Bullish AUD/USD Scenario: Stronger wage growth or hawkish RBA rhetoric. These factors could send AUD/USD above the 200-day EMA, bringing the 50-day EMA into play.

Explore our full AUD/USD analysis, including key trends and trade data, here.

AUD/USD Daily Outlook: Fed Policy Guidance and Rate Differentials

Later today, Fed speeches will draw interest as the Jackson Hole Symposium looms. Recent US inflation-linked data have affected Fed rate cut bets and US-Aussie rate differentials.

Hawkish Fed signals, calling for a delay to interest rate cuts, would widen the rate differential in favor of the US dollar. A wider rate differential could push AUD/USD toward the $0.6400 support level. If breached, the $0.63500 mark would be the next key support level.

Conversely, increased support for a September Fed rate cut and cuts in the fourth quarter would narrow the rate differential. A narrower rate differential may send AUD/USD above the 200-day EMA, paving the way to the 50-day EMA.