China's Caixin Services PMI unexpectedly jumps to 54.3 in March, AUD/USD uninspired
|China's Caixin services PMI for March came in at 54.3 vs. 51.5 last and 51.7 expectations, which showed a solid increase in services activity in March.
The Composite Output Index also edged higher from 51.7 in February to 53.1 in March.
A sub-index for employment rose back into positive territory as businesses hired more workers than they laid off.
Key findings
Business activity and sales both rise at quicker rates.
Employment returns to growth.
Business confidence hits highest for over a decade amid hopes of post-pandemic recovery.
Commenting on the China General Services PMI ™ data, Dr. Wang Zhe, Senior Economist at Caixin Insight Group said: " "The Caixin China General Services Business Activity Index rose to 54.3 in March, ending a three-month slide and marking the 11th straight month in expansionary territory. The March reading was up 2.8 points from February's.”
AUD/USD unfazed around 0.7650
The upbeat Chinese Services PMI numbers have little to no impact on the AUD bulls, as AUD/USD keeps its range around 0.7650. The spot trades 0.05% up on the day.
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