- Prior was 3.0% (revised from 3.1%)
For the y/y, comes in at 3.9%
- Prior was 12.7% (revised from 12.8%)
- Expected was 13.6%
very weak figures, far below expectations.
The RBA wants to see a ‘transition’ from mining investment into other aresas of the economy, like the housing sector. this is not what they want to see. This figure increase the prospect for near-term RBA rate cuts, putting a May 7 cut on the table.
AUD/USD is still running into bids around 1.0250. AUD is caught between weak data favouring the sellers and buyers on the hunt for yield buying on dips
