Australia Westpac Leading Index (July): +0.01% m/m (prior +0.01%)

The Westpac Leading Index is a very useful indicator of where the economy is heading

Comes in at a lacklustre +0.01% m/m

• prior +0.13% revised from +0.01%

The data point does not tend to be an immediate forex lover. As I said earlier though,

• its been slow, slow, slow all this year. While the AUD has been driven to a large extent by offshore developments the lacklustre domestic economy (growth is growth, but its not going gangbusters) has played a role in the weakening of the AUD.

And, more of the same again in July.

For background to this, preview here:

• Australia data today - preview of the leading index (its been slowing)