China's Caixin Services PMI jumps to 51.5 in November vs. 50.8 expected
|China's Services Purchasing Managers' Index (PMI) jumped to 51.5 in November, as against the October reading of 50.4, the latest data published by Caixin showed on Tuesday. The markets had expected a print of 50.8.
Key points
Business activity and new orders increase at quickest rates in three months.
Confidence around the year-ahead improves.
Inflationary pressures weaken.
Commenting on the China General Services PMI ™ data, Dr. Wang Zhe, Senior Economist at Caixin Insight Group said: “Both services supply and demand expanded, as the market continued to heal. The gauges for business activity and total new orders were above 50 for the 11th consecutive month and hit three-month highs.”
“However, some surveyed companies reported that the market improvement was slightly weaker than expected,” Wang added.
AUD/USD reaction to China’s Services PMI
Strong Chinese Services PMI lends some support to the Aussie Dollar, keeping AUD/USD afloat above 0.6600. The pair is trading at 0.6612, still down 0.12% on the day, at the time of writing.
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