Australian dollar falls after CAPEX data

By a staff reporter, with AAP

The Australian dollar fell, then rallied, after data showed new private capital expenditure fell against expectations of a rise in the December quarter.

At 1131 AEDT, the Australian dollar fell as far as 101.097 United States cents.

Immediately before the release of the data, at 1129 AEDT, it traded as high as 102.3 US cents.

But the currency rallied to 102.51 US cents by 1138 AEDT as investors looked more closely at the figures, which showed investment in mining is likely to increase in the 2013/14 financial year.

According to the Australian Bureau of Statistics, total Australian CAPEX fell 1.2 per cent in the three months to December, seasonally adjusted, to $40.988 billion.

The median market forecast was for a rise of 1.1 per cent.

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