ForexLive Asia-Pacific FX news wrap: Major FX trades subdued ranges in Asia

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It
was a quiet day for news of any impact and data flow was light also.

From
Australia we had job vacancy data. These recorded their third q/q
fall but remain historically super-high. Also today relevant to
Australian labour markets was the country’s peak trade union body
submitted a proposal for a 7% minimum wage rise. Australia’s
government supports the idea of a minimum wage hike but didn’t
comment on the specific 7% number. A decision on the minimum wage
level is expected in June. There will be a rise, circa 5% seems to be
the expected.

The
RBA will be eyeing the potential for wages boosting inflation.
Speaking of the Reserve Bank of Australia, their meeting is next
week, April 4. Three of Australia’s four big banks are now
expecting a pause with ANZ the hold out at forecasting a +25bp rate
hike.

For
the Australian dollar, it has dribbled lower on the session but got a
minor pop from its low coinciding with reassuring comments from
China’s new Premier Li Qiang at the Boao Forum in Hainan.

Asian
equity markets:

• Japan’s
  Nikkei 225 -0.7%

• China’s
  Shanghai Composite -0.4%

• Hong
  Kong’s Hang Seng -0.4%

• South
  Korea’s KOSPI +0.46%

• Australia’s
  S&P/ASX 200 +1.05%