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: The Australian MI leading index came in at a -0.2 percent month over month after a -0.4 percent decline was seen on the previous figures reading. This has raised speculation that the nation is expecting to enter its first recession since 1991. The economy shrank 0.5 percent in the fourth quarter of 2008. This was the first contraction seen in eight years as consumers limited spending and exports slowed.
Forex Technical Reaction: The Australian dollar has strengthened slightly after this report was released. However the pair still faces the R1 resistance level which also coincides with the High from Monday.
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Australia MI Leading Index Declines As Australia Heads Into Recession
Published 12/31/2000, 07:00 PM
Updated 03/17/2009, 08:49 PM
Australia MI Leading Index Declines As Australia Heads Into Recession
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