Westpac Leading Index

The January Westpac Leading Index came in weaker at 0.2% versus the prior reading of 0.5% (revised higher to 0.6%.) The Aussie has had a limited reaction to this release as it traded through the 92 cent handle at the end of the prior trading day and is now trading at .9185 level. On the chart below we see the AUD/USD pair had finally penetrated the 92 cent handle at the end of the prior trading day after creating a short-term double top in March. This could prove to be a bullish signal for the AUD and other commodity currencies.