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Australian AIG Manufacturing Index Falls To Record Low For 2008

Published 12/31/2000, 07:00 PM
Updated 11/30/2008, 06:30 PM

Release Explanation: The Australian AIG Manufacturing Index (services and manufacturing) is a seasonally adjusted composite index based on the diffusion indexes for production, new orders, deliveries, inventories and employment.  Each category has its own weight correspondent to its effect on the economy.
 
The release is a closely watched figure for signs of future economic growth. Stronger numbers may lead to revaluations of a stronger currency and vice versa.  Currency markets can swing confidently on this release.
 
Trade Desk Thoughts: The manufacturing sector in Australia has fallen to 32.7 in November from the previous reading of 40.4 in October. This is the lowest level the index has seen in 2008. Five out of the seven components have declined with the sharpest decrease seen in exports and production. New orders, employment and deliveries also declined for the month. The only two categories which expanded during November were input prices and inventories.
 
Forex Technical Reaction: The aussie is currently testing neutral LFB pivot point at .6542 shortly after this release was announced.

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