An August rate cut? Markets say yes

Immediate reaction to poor Chinese manufacturing data and Australia's inflation point to an imminent rate cut,

Fickle they may be, but the betting on currency markets overwhelmingly is in favour of an interest rate cut at the next Reserve Bank Board meeting.

Of the two key data releases this morning, China’s industrial production numbers dominated sentiment.

The HSBC flash numbers on China’s industrial production for June came in well below expectations at an 11 month low of 47.7.

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