China's Caixin Services PMI rises to 52.7 in March, as expected
China's Services Purchasing Managers' Index (PMI) improved to 52.7 in March, compared with the February print of 52.5, the latest data published by Caixin showed on Tuesday.
The data came in line with the market expectations in the reported period.
Key points
Incoming new business rises solidly, driving higher business activity.
Business confidence improves.
Selling prices increase at slower rate alongside fall in cost inflation.
Commenting on the China General Services PMI ™ data, Dr. Wang Zhe, Senior Economist at Caixin Insight Group said: “Growth of supply and demand picked up pace. Improved market demand drove a continuous increase in supply.”
“Business activity and total new orders both grew for the 15th straight month, while exports continued to grow amid a recovery of the global economy, pushing the corresponding measure to its highest level since June,” Wang added.
AUD/USD reaction to China’s Services PMI
Upbeat Chinese Services PMI fails to impress the Aussie Dollar, as AUD/USD challenges lows near 0.6500. At the time of writing, the pair is down 0.10% on the day.
Australian Dollar price today
The table below shows the percentage change of Australian Dollar (AUD) against listed major currencies today. Australian Dollar was the weakest against the Euro.
| USD | EUR | GBP | CAD | AUD | JPY | NZD | CHF | |
| USD | -0.03% | 0.03% | 0.04% | 0.07% | 0.04% | 0.19% | 0.02% | |
| EUR | 0.04% | 0.07% | 0.08% | 0.11% | 0.07% | 0.21% | 0.04% | |
| GBP | -0.04% | -0.07% | 0.01% | 0.03% | -0.01% | 0.14% | -0.02% | |
| CAD | -0.04% | -0.07% | -0.01% | 0.03% | -0.01% | 0.15% | -0.03% | |
| AUD | -0.07% | -0.10% | -0.03% | -0.02% | -0.03% | 0.13% | -0.05% | |
| JPY | -0.03% | -0.08% | -0.02% | 0.02% | 0.04% | 0.13% | -0.03% | |
| NZD | -0.19% | -0.22% | -0.15% | -0.15% | -0.11% | -0.15% | -0.17% | |
| CHF | -0.01% | -0.04% | 0.02% | 0.03% | 0.07% | 0.03% | 0.17% |
The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the Euro from the left column and move along the horizontal line to the Japanese Yen, the percentage change displayed in the box will represent EUR (base)/JPY (quote).
Author
Dhwani Mehta
FXStreet
Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.
