August 22, 2024 at 12:19AM
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 weak
Economy expanding in Q3, labour demand rising
Service sector input prices hit highest level since March 2023
Final prices index dipped, suggesting difficulty in passing on costs
Inflation risks persist despite weak economic growth
New fiscal stimulus and less restrictive monetary policy raise concerns
RBA 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.
