China's Caixin Services PMI rises to 56.3 in April, AUD/USD nears 0.7800
|China's Caixin services PMI for April came in at 56.3 vs. 54.3 last, which showed a further improvement in the country’s services activity in the reported month.
The upturn was the strongest recorded in 2021 to date and quicker than the series average (54.1).
The Composite Output Index rose from 53.1 in March to 54.7 in April, to signal a sharp and accelerated rise in total business activity across China.
Key findings
Steeper increase in activity amid strongest upturn in sales for five months.
Quicker rise in employment helps to ease capacity pressures.
Optimism towards the year ahead remains historically sharp.
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 56.3 in April, up from 54.3 the previous month and staying in expansionary territory for 12 months in a row. The reading hit the highest level this year, signalling an accelerated recovery of the services sector.”
AUD/USD eyes 0.7800
The upbeat Chinese Services PMI numbers help the AUD bulls drive AUD/USD closer towards 0.7800.
The spot was last seen trading at 0.7790, near fresh multi-day tops, up 0.13% on the day.
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