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Record capex decline, prelude to further AUD weakness - BNPP

FXStreet (Delhi) – Economists at BNP Paribas, notes that the Australian Q3 Capex came in well below, declining 9.2% q/q, the weakest quarterly print on record.

Key Quotes

“There were also downward revisions to Q2 data. The surveyed outlook for 2016 was broadly in line with consensus. However, our AU rates strategist notes that it still represents a 20% fall from what the survey estimated for this time last year. In our view interest rate markets continue to underprice the potential for further RBA easing, with fewer than 20bp worth of easing priced in over the next twelve months.”

“We remain bearish on AUD accordingly and continue to hold a AUDUSD 0.70 put with a 0.64 RKO expiring 5-Feb-16. Elsewhere, New Zealand’s October trade deficit narrowed by slightly more than expected.”

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