Better than expected private capital expenditure data gives AUD a slight push up – OCBC

FXStreet (Barcelona) - The OCBC Bank Research Team, notes that better than expected Q3 private capital expenditure numbers give AUD/USD a slight push up, but the pair is likely to see a downside risk in the medium term.

Key Quotes

“This morning, the better than expected 3Q private capital expenditure numbers gave the AUD another minor fillip and the pair may continue to toy with the 0.8600 handle pending further cues.”

“The RBA has made it readily apparent that a structurally weaker AUD would be more reflective of fundamentals and would also aid in the economy’s re-balancing. As such, medium term risk for the pair may remain oriented towards the downside. To this end, note cracks appearing for the AUD in our G7 Heat Map. “