I have popped up a few previews for the investment spending data due at 0130GMT
- AUD data due today - preview of Q2 capex
- AUD data due - preview of Q2 capex (ANZ)
- preview here via NAB
And, don't forget, due at the same time:
Just adding one more now,. this from RBC on the capex expectations:
- Total business investment has been rising modestly for over 12 months underpinned by non-mining capex with notable strength of late in service sector investment. The partials hint at another rise in Q2 underpinned by plant & equipment spending. We look for a 1% increase in the quarter.
- Also of interest will be the latest estimate of spending plans for the current FY2018-19. The last survey was rather disappointing suggesting a decline in business investment this FY despite the stellar nature of the business surveys. We note that conditions and confidence have moderated somewhat in recent months and likely to ease further amid increased political uncertainty and rising uncertainty over the global outlook. Nevertheless, we look for a small improvement and a capex 3rd estimate for FY2018-19 of ~A$100bn.
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There are a few moving parts in the data release but what to watch for on the AUD is that a disappointment will be bearish, especially given the generally weaker trend for the AUD. Positive news should give it a pop though (and anther chance to get set on shorts).
