A drop in CAPEX gives the market a wake up call ahead of the RBA

Jim Devonport

Compass Global Markets

AUDUSD: Dropped sharply following CAPEX numbers that fell 10% QoQ and 20% YoY, however with the US on holiday and the market more concerned with the upcoming RBA meeting we saw price action hug the days lows. There is no major data due until next Tuesday so current levels should hold. AUDEUR: The poor Aussie data release meant a continuation of the short term correction during our session, however it slowed and we saw virtually no movement for the rest of the day meaning the recent highs cap until Monday. AUDGBP: A similar trading pattern, due to the weaker local data, lack of UK numbers and the US holiday. Tonight's GDP will be the highlight for the whole day and any read either side of +0.5% for the quarter should see Sterling react accordingly. This pair is fairly overbought so we could well see lower levels next week. AUDNZD: Pushed on to hit 2 month highs, although has dipped somewhat toward the close. The overnight highs should cap as we head towards the weekend and Mondays NZ Business Confidence. (VIEW LINK)

Jim Devonport
Jim Devonport
Compass Global Markets

Involved in the financial markets performing both sales and dealing roles since the mid 1980’s, Jim has a wealth of knowledge, experience and sales acumen that he uses to build and maintain long lasting business relationships. Constantly...


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