FXstreet.com (Barcelona) - Following a push north towards 1.0475, the AUD has badly failed to hold its post Australia Capex-induced pop and is now turning lower bottoming out at USD 1.0460.
The Aussie capex beat expectations printing +2.8% vs 2.0% cons. yet under closer inspection, the market appears to have spotted some weak components. For some analysts, the capex data suggests that the Australia's mining boom has reached its peak, and that is what seems to be driving the AUD lower.
According to David Scutt, Treasury Dealer at Arab Bank Australia, "question now is will the RBA ease in Dec to help households/businesses take up the slack? Odds are now 62% for a cut according to rate futures..."