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<p>Another dour reading from the leading index. </p><p>WPAC:</p><ul><li>The six-month annualised growth rate in the Westpac-Melbourne Institute Leading Index, which indicates the likely pace of economic activity relative to trend three to nine months into the future, was -1.04% in January, largely unchanged on the -1.09% read in December.</li><li>The growth rate in the Leading Index held at a weak -1.04%.</li><li>This points to below trend growth through most of 2023.</li><li>The growth rate has now been negative for six consecutive months.</li><li>The Index is indicating that the economy's growth rate will remain below trend through most of 2023 - consistent with Westpac's forecast.</li><li>Global factors, monetary policy and, recently, hours worked have weighed heavily on the Index.</li></ul><p>Still to come from Australia later:</p><ul><li><a href="https://www.forexlive.com/centralbank/australian-wages-data-due-today-likely-to-keep-the-pressure-on-rba-20230221/" target="_blank" rel="follow" data-article-link="true">Australian wages data due today, likely to keep the pressure on RBA</a></li></ul>

                This article was written by Eamonn Sheridan at www.forexlive.com.