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28 May 2015

Poor Capex data opens the door for RBA easing – BTMU

FXStreet (Edinburgh) - Lee Hardman, Currency Analyst at BTMU, sees the likeliness of further easing by the RBA in light of the recent CapEx figures.

Key Quotes

“The Australian dollar has underperformed in the Asian trading session following the release of the weaker than expected Australian capital spending report for Q1”.

“The report revealed that private capital expenditure contracted for the second consecutive quarter by a larger than expected -4.4% in Q1”.

“The updated estimate for private capital expenditure for 2015/16 also proved weaker than expected at a very soft AUD104 billion which was towards the lower end of consensus expectations”.

“Estimates for mining investment were materially weaker for this and into the next financial year”.

“Estimates for non-mining investment have also been downgraded”.

“The report has raised concerns that the Australian economy is likely to face more of a struggle to transition towards domestically driven growth which may still require additional monetary stimulus to support growth”.
May 28, 2015

GBP/USD bounces-off 1.5300, back to 1.5320

The British pound failed to breach the key 1.53 barrier and rebounded fresh lows at 1.5302 versus the US dollar in the mid-European session. GBP/USD erased some losses, although remains in red as traders digest the latest UK GDP report.
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May 28, 2015

Gold holds gains near $ 1188 ahead of US data

Gold prices on Comex defend mild gains in the mid-Asian session, easing off a spike to session highs at 1192.40 in early Europe. Markets now await a fresh set of US economic releases due later in the US session.
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