Australian data - Westpac Leading Index for August -0.05% m/m (prior -0.17%)

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.

aud AUD The Australian dollar (AUD) is the official currency of Australia, which is also used in Christmas Island, Cocos (Keeling) Islands, Norfolk Island, as well as independent pacific states.Introduced in 1966, the AUD is currently the fifth most traded currency in the world, behind only the US dollar, euro, Japanese yen, and British pound.The currency is very important to forex markets and is routinely used as a carry trade against other majors.The Reserve Bank of Australia (RBA) is the central bank The Australian dollar (AUD) is the official currency of Australia, which is also used in Christmas Island, Cocos (Keeling) Islands, Norfolk Island, as well as independent pacific states.Introduced in 1966, the AUD is currently the fifth most traded currency in the world, behind only the US dollar, euro, Japanese yen, and British pound.The currency is very important to forex markets and is routinely used as a carry trade against other majors.The Reserve Bank of Australia (RBA) is the central bank Read this Term