Markets performed well again overnight with both equities and commodities posting further solid gains. Oil pushed closer towards US$50 a barrel while equities added between 0.7% and 1.7% across Europe and the U.S.
The latest German IFO Business climate index showed that German businesses confidence continues to improve despite pretty persistent and strong economic headwinds.
Ahead today is AU Private Capital Expenditure which is as its name suggests a gauge of private capital expenditures by businesses across Australia. Generally speaking the gauge isn’t of huge importance but it does give an indication of how positive or pessimistic business is of the current economic climate. If they are buying lots it means they potentially think the economy has turned a corner and vice versa. However estimates suggest private capital expenditure will shrink by a further 3% as the mining boom slowly comes to a close.
DATA RELEASES TODAY:
AUD – Private Capital Expenditure at 11.30am
NZD – Annual Budget Release at noon
USD – Core Durable Goods Orders at 10.30pm
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Patrick Downes
Senior Corporate FX Dealer
Compass Markets
Contact Patrick for a quote on 0431 278 632 or 03 9099 8459
