Currency Update: The AUD fell to a 3 week low after data from the Australian Bureau of Statistics showed business investment fell by 5.2% in December quarter

Currency Update: The AUD fell to a 3 week low after data from the Australian Bureau of Statistics showed business investment fell by 5.2% in December quarter. The report provided the first estimate for firms' 2014-15 capital expenditure intentions which was weaker than expected but broadly in line with forecasts for a significant contraction in business investment. The decline in mining investment has been well flagged and is in line with expectations, while the ongoing weakness in non-mining investment suggests the RBA is likely to keep rates on hold for an extended period of time. Today in Australia, private sector credit growth is expected to have remained relatively modest in January. In Europe, there is keen interest in the Eurozone 'flash' estimate of CPI, which is seen dropping back to 0.7% from 0.8% on the latest Reuters poll.