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Australian Capital Investment: What Replaces China?

Posted by Joseph Trevisani on May 29, 2013 5:36:00 PM

ScreenHunter 1212 May. 29 17.47

Commonwealth Bank of Australia Economics: First Quarter Australian Capital Investment

All eyes on AUD Capex now ---- CBA  picking AUD 154 billion, which is roughly in the middle of the AUD 142 billion- AUD175 billion range provided by Bloomberg.

With the IMF lowering Chinese growth forecasts yesterday, Chinese iron ore import prices falling below $120 p/tn overnight, and the many, many negative press articles on Aussie mining floating around at the moment, the CAPEX numbers will be vital...hard to see AUD rallying much ahead of them. 

Technical levels to watch

 

Resistance

0.9670

0.9700

0.9750

Support

0.9590/0.9600

0.9528 was the low in Aussie

 

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