Preliminary Judo Bank S&P Australian Manufacturing PMI 48.7
prior 47.5
Services 52.2
prior 50.4
Composite 51.4
prior 49.9
The Australian Flash PMI shows improved activity, rising costs in August
Composite output index up, services sector jumps, manufacturing still weakEconomy expanding in Q3, labour demand risingService sector input prices hit highest level since March 2023Final prices index dipped, suggesting difficulty in passing on costsInflation risks persist despite weak economic growthNew fiscal stimulus and less restrictive monetary policy raise concernsRBA may need to hike further before easing cycle can begin
The bottom line comment, IMO, from the analysis in the report is this:
Market pricing for RBA rate cuts “perplexing” given current conditions
AUD/USD up a few tics:
This article was written by Eamonn Sheridan at www.forexlive.com.
