FXstreet.com (Barcelona) - According to Nomura, the all important Australian capital expenditure (capex) data release "may help define the near-term direction for Australia-specific drivers (as opposed to global) drivers." The bank recommends to pay attention to the forward estimate, quoting their economists below:
"There will be estimate 5 for 2012/13 (July-June) and estimate 1 for 2013/14. Estimate 4 for 2012/13 (released in November) was AUD173bn. Because certainty of estimates increases over time, a fifth estimate of AUD179bn would be equivalent to this fourth estimate of AUD173bn. First estimates (for 2013/14 tonight) are very unreliable. As a result a first estimate of AUD147bn would mean capex is expected to be unchanged in 2013/14. We think this would be a very good result."
"There will be estimate 5 for 2012/13 (July-June) and estimate 1 for 2013/14. Estimate 4 for 2012/13 (released in November) was AUD173bn. Because certainty of estimates increases over time, a fifth estimate of AUD179bn would be equivalent to this fourth estimate of AUD173bn. First estimates (for 2013/14 tonight) are very unreliable. As a result a first estimate of AUD147bn would mean capex is expected to be unchanged in 2013/14. We think this would be a very good result."
