Private capital spending for the fourth quarter in Australia has reached 3.0% versus an estimate of 1.0% and up from -3.0% previously.
That’s a number surprisingly strong and should help support the Australian currency.
” Businesses are optimistic, uncertainty has decreased and supply lines have improved Westpac analysts said.
Furthermore, for the AUD, bullish sentiment has also returned to the commodity markets.
The CRB Commodity Index spiked to a new cyclical high and with a slightly weaker USD and higher US bond yields.
The commodity complex is thriving and can be expected to support the Australian dollar.
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