Not much action today outside of cable.
The Australian dollar has turned back toward the lows of the day at 1.0350 after a 25-pip rally.
Resource production continues to falter with BHP closing a coal mine on Monday. The latest from Herald-Sun RBA watcher McCrann (in typically poorly-written fashion) says resource investment may be hiding weakness in resource production.
The danger is of a seriously false signal of strength in the economy. If you just look at the overall growth numbers, driven by continued — for the moment — strong investment in new projects.
Offers at 1.0390/1.0400. Bids at 1.0300/10 with possible stops below 1.0270. Stops also likely building below European low of 1.0335.
