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MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
AUSTRALIA DATA
The preliminary Judo Bank PMIs for August showed that private sector output continued to contract in August especially in the important services sector. The indices are portraying a weak economy consistent with the RBA on hold. The AUDUSD hasn’t reacted and is steady around 0.6424.
- The composite index deteriorated to 47.1 from 48.2 in July, the lowest since January 2022, as new orders shrank. Manufacturing is down slightly to 49.4 from 49.6 but services are down to 46.7 from 47.9. Cost of living and tighter financial conditions are reducing demand domestically as domestic orders fell more than those from overseas. Export orders only contracted slightly.
- Employment continued to grow across the economy as businesses are more optimistic re the outlook a year ahead. Business confidence improved to its highest in 7 months.
- The good news was that price pressures eased in the services sector with cost increases slowing enabling selling price inflation to moderate after rising in July. However manufacturing saw an increase in costs due to deteriorating supply conditions which were then passed onto customers.
- See Judo Bank report here.
Australia Judo Bank PMIs
Source: MNI - Market News/Bloomberg
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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