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27 Nov 2014
AU Q3 capital expenditure EYED - BNZ
FXStreet (Bali) - The FX Strategy Team at BNZ notes that the release of AU Q3 capital expenditure data will be the key release to watch for in Asia.
Key Quotes
"The AUD/USD rebounded from intra-night lows around 0.8480 to trade at 0.8530 currently. Today, it will be all eyes on the release of AU Q3 capital expenditure data. The RBA remains concerned whether non-mining capex steps up to fill the void left by mining. Our NAB colleagues are looking for a 0.6%q/q decline (consensus -1.9%) in Q3. More important may be the latest estimate for 2014/2015 capex. The NAB Business Survey points to some modest upgrade to estimates. This may be sufficient to offset the negative sentiment created by the Q3 outcome. Still, the AUD/USD looks technically vulnerable, with little support seen above the 0.8320 level."
Key Quotes
"The AUD/USD rebounded from intra-night lows around 0.8480 to trade at 0.8530 currently. Today, it will be all eyes on the release of AU Q3 capital expenditure data. The RBA remains concerned whether non-mining capex steps up to fill the void left by mining. Our NAB colleagues are looking for a 0.6%q/q decline (consensus -1.9%) in Q3. More important may be the latest estimate for 2014/2015 capex. The NAB Business Survey points to some modest upgrade to estimates. This may be sufficient to offset the negative sentiment created by the Q3 outcome. Still, the AUD/USD looks technically vulnerable, with little support seen above the 0.8320 level."