AUD/USD drops to lows
near 0.6725 as Australia’s Capex surprises negatively.
AUD/USD met fresh
supply and hit session lows near 0.6725 region after the Australian Capex data
surprised markets to the downside, fanning RBA rate cut calls, Further, the
US-China trade spat continues to weigh.
The offered tone
around the AUD strengthened, pushing the AUD/USD pair to a session low of
0.6725 as Australian private sector business investment fell unexpectedly in
the second quarter.
According to the
Australian Bureau of Statistics (ABS), private sector capital expenditure
(CAPEX) fell 0.5% in three months to June in seasonally adjusted chain volume
terms, missing market expectations for an increase of 0.5%.
weaker-than-expected headline figure and the slight miss on the forward-looking
number is hurting the AUD at press time. AUD/USD pair is currently trading at
session lows near 0.6725, having hit a high of 0.6744 earlier today.
however, could be limited by an uptick in the CAPEX on plant and machinery.
Also, the AUD may pick up a bid if the USD/CNH pair dives out of a pennant
pattern (Yuan appreciates) and global stocks put on a good show.
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