China's Caixin/ S&P Global services PMI for October arrived at 48.4 vs. 49.3 prior, showing that the country’s services activity saw a sustained slowdown in the reported month.

October survey data suggested that the ongoing efforts to stop the spread of COVID-19 disrupted business operations and weighed on demand.

Wang Zhe, Senior Economist at Caixin Insight Group said, “with Covid prevention and containment measures tightened in the face of sporadic outbreaks in many areas, services activity remained in contractionary territory for the second consecutive month.”

AUD/USD shrugs off downbeat data

Discouraging Chinese Services PMI fails to deter AUD bulls, as AUD/USD keeps its recovery mode intact at around 0.6360, up 0.16% on the day, as of writing.