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Forex Flash: Australian investment growth slowdown another sign for the RBA to cut - NAB

The Australian trade deficit shrunk to AUD427m in December vs AUD800m expected and AUD2788m in November, with imports down by 6%, "with a big 19% fall in capital goods imports" notes NAB economist Spiros Papadopoulos. Exports also showed positive numbers, rising by 3%, "boosted by gains in iron ore and coal exports" Spiros adds.

Looking at the potential consequences this data may have on the RBA, Mr. Papadopoulos adds: "The smaller deficit will be welcomed, but the fall in capital imports further highlights that domestic investment growth is slowing. With the non-mining sectors also holding back on investment, it’s another sign that the RBA will have to ease further through 2013 to support growth."

Forex: EUR/AUD above 1.2950 on RBA rates unch

EUR/AUD has recently spiked to fresh session highs at 1.2982, last at 1.2971, off recent fresh session and weekly lows at 1.2900 round, following RBA statement leaving interest rates unchanged at 3.00%. The RBA leaves the door open for further rate cuts, the central bank said.
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Forex: AUD/NZD capped below 1.24 following RBA

AUD/NZD is still a +0.39% higher for the week, last at 1.2359, despite retracing strongly from fresh weekly highs at 1.2424, following RBA statement leaving rates unchanged at 3.00% but with scope for further cuts, the central bank said, which lead to an AUD/USD sell-off that brought AUD/NZD to recent session lows at 1.2344. The cross recovers from Monday's fresh 29-month lows at 1.2278.
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