Australian data: Westpac Leading Index for April -0.03% m/m (prior -0.05%)

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:

This article was written by Eamonn Sheridan at www.forexlive.com.