Australia’s Westpac Leading Index printed at 0.2% in July, bringing the annualized growth rate down to 3.7% from 4.0% in June. The release marks the second consecutive month below trend growth at 4.2% and further bolsters the Reserve Bank of Australia’s assertion that the economy has slowed enough to contain inflationary pressure and begin cutting interest rates. The bank sliced 25 basis points off borrowing costs last week, bringing the benchmark rate to 7.00%. The market is currently pricing in an additional 100 -125 basis points in rate cuts over the next 12 months. For a complete list of this week's data releases, please see the DailyFX Economic Calendar.