Westpac’s Chief Economist, Bill Evans, commented, “This marks the fourth consecutive month where the growth rate in the Index is above trend. That followed a period of fifteen consecutive months where the growth rate had been below trend. That sustained period of below trend growth in the series had been pointing to the weakness we have seen in the economy in the September quarter (although no lead indicator could have prepared us for a negative growth print).“
Aussie is currently being traded around 0.7240 level. Pair is likely to find support around 0.72 handle and resistance above 0.73 area.
