Australian MI Leading Index Falls On The Month
Australian MI Leading Index Falls On The Month
Australia MI Leading Index Actual -1.0%, Previous -0.1%
Release Explanation: The release considers eight indicators in the calculation of the index: money supply, share prices, rural goods exports, building approvals, sales to inventories ratio, gross operating surplus, yield spread, and medium-term government bond yields. The index is calculated as a percent change off a base year; headlines report the figure in a percent change from the previous month.
Trade Desk Thoughts: Headlining a fairly light day in regards to economic releases, the Australian MI leading index came in at a -1.0 percent month over month. Westpac has said that the figure indicates that growth in Australia will likely slow and be ‘barely positive’ or possibly negative into the first half of 2009. The coincident index came in flat when compared to the previous months 0.3 percent rise. The main source of the decline was seen in the fall of the unemployment rate index as it decreased from 0.1 to -0.2 and the civilian employment index which was down to 0.4 from 0.5.
Forex Technical Reaction: The Australian dollar has had little reaction to this low level release as the pair oscillates around its neutral pivot point at .6503.
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