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

<p>China rate cuts info is at these links, cuts to both the MLF and reverse repo rate:</p><p>The People's Bank of China cut the MLF to 2.5% from 2.65 previously:</p><ul><li><a href="https://www.forexlive.com/centralbank/pboc-1-year-mlf-rate-cut-to-265-prior-275-as-widely-expected-20230615/" target="_blank" data-article-link="true">PBOC 1 year MLF rate cut to 2.65% (prior 2.75%), as widely expected</a></li></ul><p>And cut the reverse repo rate to 1.8% from 1.9% previously</p><ul><li><a href="https://www.forexlive.com/centralbank/pboc-sets-usd-cny-reference-rate-for-today-at-71768-vs-estimate-at-72648-20230815/" target="_blank" data-article-link="true">PBOC sets USD/ CNY reference rate for today at 7.1768 (vs. estimate at 7.2648)</a></li></ul><p>And the RBA minutes:</p><ul><li><a href="https://www.forexlive.com/centralbank/rba-minutes-credible-path-back-to-cpi-target-with-cash-rate-staying-at-its-present-level-20230815/" target="_blank" rel="follow" data-article-link="true">RBA minutes: credible path back to CPI target with cash rate staying at its present level</a></li></ul><p>The minutes indicate a patient RBA.</p><p>Also out were wages data, a miss. These will not be a factor prompting the RBA to hike again any time soon:</p><ul><li><a href="https://www.forexlive.com/news/australian-wages-data-for-q2-08-qq-expected-10-20230815/" target="_blank" rel="follow" data-article-link="true">Australian wages data for Q2 +0.8% q/q (expected +1.0%)</a></li></ul><p>The yuan is lower also:</p><ul><li><a href="https://www.forexlive.com/centralbank/offshore-yuan-getting-slammed-lower-after-surprise-pboc-rate-cuts-20230815/" target="_blank" rel="follow" data-article-link="true">Offshore yuan getting slammed lower after surprise PBOC rate cuts</a></li></ul><p>It all adds up to AUD being marked down:</p>

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