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In regards to their data, WPAC provided the primary highlights of the Westpac-Melbourne Institute Leading Index for May 2023.

The growth rate of the Leading Index has reached its lowest point since the pandemic began. This continues a streak of negative growth rates that started in August of last year and aligns with the poor growth rates reported in the December and March quarters (0.5% and 0.2%, respectively). These negative growth rates indicate a lower-than-expected economic growth rate, which is consistent with the recent quarters. Westpac predicts that this weakness in growth will persist through 2023 and possibly into 2024.

There hasn’t been much of a difference in the AUD/USD with this information.

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