AUD down after the big miss on China activity data for July

Yeah, but not much. 

Here’s the data: 

The ‘other’ includes a big miss for July retails slaes – domestic demand in China has been slipping, more of the same in these figures.  Asset investment was a miss also but the IP and retail  sales were the big misses.

AUD is lower, but as I said above, not by much:

Yeah, but not much. 

Earlier we got a small beat on wages data, which is supportive, but again the caveat is much of the gain was pushed by the public sector. Spare capacity holding back private wage growth.


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