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May 31, 2013
AUD/USD hovering over 0.9650
FXstreet.com (Barcelona) - The Aussie dollar is taking it easy on Friday, orbiting around the mid 0.96s and extending yesterday decline after another failed attempt to surpass the key 0.9700 handle.
Data wise, Private Sector Credit in Australia rose 0.3% MoM and 3.1% on a yearly basis, bettering the median. In light of the recent CAPEX figures and the prospects of rhigher spending by companies in 2013-14, Strategist Spiros Papadopoulos at NAB expressed “NAB believes that these expectations for next year are far too optimistic, especially mining
spending which is already weakening. NAB expects business investment to fall around 2% in 2013-14, keeping the pressure on the RBA to cut again later this year”.
The AUD/USD is now losing 0.21% at 0.9642 with the next support at 0.9581 (low May 30) ahead of 0.9728 (low May 29). On the upside, a breakout of 0.9697 (high May 30) would expose 0.9741 (high May 24) and finally 0.9778 (high May 23).
Data wise, Private Sector Credit in Australia rose 0.3% MoM and 3.1% on a yearly basis, bettering the median. In light of the recent CAPEX figures and the prospects of rhigher spending by companies in 2013-14, Strategist Spiros Papadopoulos at NAB expressed “NAB believes that these expectations for next year are far too optimistic, especially mining
spending which is already weakening. NAB expects business investment to fall around 2% in 2013-14, keeping the pressure on the RBA to cut again later this year”.
The AUD/USD is now losing 0.21% at 0.9642 with the next support at 0.9581 (low May 30) ahead of 0.9728 (low May 29). On the upside, a breakout of 0.9697 (high May 30) would expose 0.9741 (high May 24) and finally 0.9778 (high May 23).