AUD/USD fell afoul of broader USD strength...>

AUSSIE: AUD/USD fell afoul of broader USD strength on Wednesday, with soft CapEx

data adding some local headwinds into the mix. Rate has edged away from lows and

last deals a handful of pips higher on the day at $0.6738, sticking to a very

narrow range thus far. From a technical perspective activity since Aug 7 has now

clearly defined directional parameters at $0.6677 & $0.6822. A break < the YtD

low at $0.6677 would confirm a resumption of the downtrend, opening $0.6600

initially. For bulls, a break of $0.6822, the high of Aug 8, would signal a

trend reversal & open $0.6880 initially.

- Local focus falls on Q2 CapEx data, which comes in the wake of yesterday's

soft completed construction work print, which introduced downside risk to next

week's Q2 GDP print. Broader risk matters surrounding the trade war provide

another source of attention. The last couple of hours have bought comments from

U.S. Tsy Sec Mnuchin, who told BBG that "U.S. trade officials expect Chinese

negotiators to visit Washington," but he wouldn't say whether the prev. planned

September meeting would take place. Elsewhere, White House advisor Navarro told

Fox that it is "unlikely that anything quick will happen with trade talks."