- China's Caixin Services PMI unexpectedly drops to 52.5 in February vs. 52.9 expected
Market news
China's Caixin Services PMI unexpectedly drops to 52.5 in February vs. 52.9 expected
China's Services Purchasing Managers' Index (PMI) unexpectedly fell to 52.5 in February, as against the January reading of 52.7, the latest data published by Caixin showed on Tuesday.
The market forecast was for a 52.9 print.
Key points
Business activity growth softens amid muted uptick in new orders.
Staff numbers fall for first time in three months.
Stronger rise in costs leads to fresh increase in output prices.
Commenting on the China General Services PMI ™ data, Dr. Wang Zhe, Senior Economist at Caixin Insight Group said: ““Supply and demand continued to expand in February at a pace similar to the previous month amid the market upturn.”
“Business activity and total new orders grew for the 14th straight month. Service exports increased for the sixth straight month, with the corresponding gauge reaching the highest since June,” Wang added.
AUD/USD reaction to China’s Services PMI
Downbeat Chinese Services PMI keeps the weight intact on the Aussie Dollar, as AUD/USD trades close to 0.6500. At the time of writing, the pair is down 0.05% 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 US Dollar.
| USD | EUR | GBP | CAD | AUD | JPY | NZD | CHF | |
| USD | 0.05% | 0.01% | 0.03% | 0.00% | -0.01% | 0.05% | 0.02% | |
| EUR | -0.05% | -0.04% | -0.03% | -0.07% | -0.06% | -0.01% | -0.01% | |
| GBP | -0.01% | 0.04% | 0.01% | -0.04% | -0.02% | 0.03% | 0.03% | |
| CAD | -0.03% | 0.03% | -0.02% | -0.07% | -0.03% | 0.01% | 0.02% | |
| AUD | 0.00% | 0.07% | 0.04% | 0.05% | 0.02% | 0.06% | 0.07% | |
| JPY | 0.01% | 0.08% | 0.02% | 0.04% | -0.03% | 0.06% | 0.05% | |
| NZD | -0.04% | 0.03% | -0.04% | -0.01% | -0.05% | -0.05% | 0.03% | |
| CHF | -0.03% | 0.01% | -0.03% | -0.01% | -0.05% | -0.06% | 0.01% |
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).
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