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AUSTRALIAN MANUFACTURING FIGURE ADDS SUPPORT FOR RATE CUT.
SYDNEY, July 1 Asia Pulse - Australian manufacturing activity inched up in June, adding support to the case for a rate cut, a report showed.
The Australian Industry Group/PricewaterhouseCoopers Performance of Manufacturing Index (PMI) for June highlighted continued weakness in the manufacturing sector.
The PMI fell 1.5 index points to 50.2 in June. A reading above 50 indicates the manufacturing sector is generally expanding.
"Clearly, this month's data reinforces that manufacturing is presently in neutral with the likelihood of tougher times ahead," Ai Group deputy chief executive Heather Ridout said.
"The latest Australian PMI result adds further support to the case for an interest rate cut particularly given the action by the US Federal Reserve and other central banks around the world to lower official interest rates."
The Reserve Bank of Australia meets today to discuss interest rates, but the market is split as to whether the central will lower the official cash rate from 4.75 per cent.
Ms Ridout said a rate cut would be important in reducing pressure on the Australian dollar and therefore supporting exports.
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Source: HighBeam Research, AUSTRALIAN MANUFACTURING FIGURE ADDS SUPPORT FOR RATE CUT.