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

Yeah, but not much.

Here's the data:

• China July Industrial production +4.8% y/y (expected 6.0%) + other July activity 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:

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.

• Australia Wage Price index for Q2: +0.6% q/q (expected +0.5%)