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MI Leading Index increased to +0.20%

Wednesday, Sep 21 2016

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, rose from –0.01% in July to +0.20% in August. Westpac’s Chief Economist, Bill Evans, commented, “The August reading is consistent with a trend that has been building for some months now. The positive Index growth rate follows 15 consecutive months where growth has been below trend.

It is the first above trend result since early last year and the second strongest since December 2013. The Leading Index is clearly signalling that the economy is likely to continuing growing around its long run trend rate of about 3% a year. “That outlook is consistent with Westpac’s forecast for growth holding steadily around a 3% pace over the course of both this year and next. “The Leading Index growth rate has lifted sharply over the course of 2016, from a 1.44% below trend reading in March to 0.20% above trend in August.

 

Aussie is currently being traded around 0.7540 area. Pair is likely to find support around 0.75 handle and resistance above 0.7580 level.

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