The indicator is barely changed.
Westpac make the following points:
- The six-month annualised growth rate in the Westpac-Melbourne Institute Leading Index, which indicates the likely pace of economic activity relative to trend three to nine months into the future, fell to -0.36% in August, down from +0.49% in July
- Growth rate drops to –0.36%, a below trend pace.
- Weakest print since delta lockdown.
- Key drivers of slowdown: rising interest rates and falling commodity prices.
- Other factors: slowing in hours worked and US industrial production.
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AUD/USD is not doing much. FX markets are awaiting the Federal Open Market Committee (FOMC) later on Wednesday.
