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MI Leading Index rose in May

Wednesday, Jun 22 2016
The six month annualised growth rate in the Westpac-Melbourne Institute Leading Index rose from –1.19% in April to –0.42% in May. Westpac Senior Economist, Matthew Hassan commented, “Although the index continues to point to sub-trend growth, the May update showed a material improvement and marks the best reading since October.” 
“Most notably the drag from falling commodity prices which has been a consistent feature over the last two years has eased significantly with the component now having a neutral effect on the index growth rate. This is an important development. While commodity prices are likely to remain weak near term, 2016 is expected to see an end to the strong underlying downtrend that in prices that has dominated since 2011. The reduced pressure on incomes is, in turn, expected to see a gradual improvement in conditions over the course of the year. The May Leading index update may be the first sign that this shift is coming through.”
 
Aussie is currently being traded few points above 0.7480 level. Pair is likely to find support around 0.74 handle and resistance above 0.7530 level. 
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