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MI Leading Index continues to show below trend growth

Wednesday, Mar 16 2016
The six month annualised deviation from trend growth rate in the Westpac-Melbourne Institute Leading Index, which indicates the likely pace of economic activity three to nine months into the future, rose from –0.99% in January to –0.82% in February. Westpac Senior Economist, Matthew Hassan commented, “Despite some improvement over the last two months, the Leading Index continues to point to below trend growth through much of 2016, implying a slowdown from 2015’s slightly above trend pace." 
The December quarter national accounts released earlier this month showed GDP growth of 3% for 2015 as a whole, with growth running at a 3½% annual pace over the second half of the year – ‘trend’ is considered to be around 2¾%yr. That solid finish was foreshadowed by the Leading Index which had run 0.10% above trend on average over the first half of the 2015."
 
Aussie is currently being traded around 0.7450 area. Pair is likely to find support around 0.74 handle and resistance above 0.7550 level. Later today, in the US session, CPI, Building Permits, Housing Starts and Industrial Production figures are scheduled for a release, as well as FOMC rate decision.
More in this category: « US Retail Sales down by 0.1% Unemployment Rate unchanged at 5.1% »

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