Via Westpac summary comments:
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, improved slightly to -0.01% in April from -0.08% in March.
- Leading Index growth rate steadies to –0.01%.
- Growth drags dissipating but momentum to remain soft in 2024.
- Improving signal mainly coming from equities, hours worked.
- Brief ‘tailwind’ from commodity prices has disappeared.
AUD/USD update, under pressure alongside much of FX trying to cope with the strong US dollar:
