Australian dollar getting sold after China rate cuts, RBA minutes, miss on wages data

China rate cuts info is at these links, cuts to both the MLF and reverse repo rate:

The People’s Bank of China cut the MLF to 2.5% from 2.65 previously:

• PBOC 1 year MLF rate cut to 2.65% (prior 2.75%), as widely expected

And cut the reverse repo rate to 1.8% from 1.9% previously

• PBOC sets USD/ CNY reference rate for today at 7.1768 (vs. estimate at 7.2648)

And the RBA minutes:

• RBA minutes: credible path back to CPI target with cash rate staying at its present level

The minutes indicate a patient RBA.

Also out were wages data, a miss. These will not be a factor prompting the RBA to hike again any time soon:

• Australian wages data for Q2 +0.8% q/q (expected +1.0%)

The yuan is lower also:

• Offshore yuan getting slammed lower after surprise PBOC rate cuts

It all adds up to AUD being marked down:

This article was written by Eamonn Sheridan at www.forexlive.com. Source