Hello guys, happy Wednesday. Let's focus on the AUD. Australia reported a better #wage growth data for the second quarter, but the #AUD has failed to pick up a strong bid. The #AUDUSD pair rose ten pips to hit a session high of 0.6809 immediately after the upbeat data hit the wires and is now trading largely unchanged on the day at 0.6787. The Australian wage price index rose 0.6% quarter-on-quarter in the second quarter, beating the estimated print of 0.5%. The annualized figure came in at 2.3% as expected. The #RBA expects higher wages to lead to higher consumption and inflation, so the better-than-expected wage price index should have put a bid under the AUD. The Australian currency is not impressed, which indicates the #investors believe the wage growth data is not strong enough to deter the RBA from cutting rates further in the near future. These fears could be bolstered if China's #RetailSales and #IndustrialProduction data due at 02:00 GMT, prints well below estimates. In that case, the AUD/USD will likely fall toward Tuesday's low of 0.6746.