Q1 capex report is the main event in Australia this week

This morning's Q1 capex report is the main event in Australia this week. The economists expect the report should maintain the soft tone from Q4, including mining capex plans that could again be revised lower and a non-mining sector that is still struggling with a high AUD and weak national income growth. 

"For main figure in the report our forecast is decently above the very weak consensus expectations (private capex: RBC: +0.5% q/q, consensus: -2.2%), and if that's the case, we could see AUD supported",says RBC Capital Markets.