AUD/USD unmoved by China Caixin Services PMI


  • AUD/USD is barely moving in response to the below-forecast China Services PMI. 
  • The pace of expansion in China's service sector slowed in October. 
  • The AUD is struggling despite the optimism on the US-China trade front. 

China's service sector gauge missed expectations by a big margin, but so far, it has failed to move the needle on the Aussie Dollar, a G-7 proxy for China.

The Caixin Services PMI (Oct) came in at 51.1, missing the expected rise to 52.8 from September's 51.3 by a big margin.

The slowdown in the pace of expansion of the sector activity in the world's second-largest economy is being ignored by the markets. The AUD/USD pair has barely moved following the release of the Services PMI at 01:45 GMT and continues to trade near 0.6680, representing a marginal loss on the day.

The Aussie Dollar is flashing red despite the optimism on the US-China trade front. The US is reportedly considering canceling some of the tariffs of $112 billion worth of Chinese imports. Meanwhile, Beijing is asking the US to remove the tariffs in exchange for agreeing to buy up to $50 billion worth of US agricultural goods within two years and open its financial services sector and increase intellectual property protections, according to Politico.

The news has put a bid under the S&P 500 futures and is weighing over Yen. The Aussie, however, is struggling to gather upside traction, possibly due to the dismal domestic data. The CBA October final Australian Services PMI came in at 50.1, missing the preliminary estimate of 50.8 by a big margin.

Technical levels

AUD/USD

Overview
Today last price 0.688
Today Daily Change -0.0003
Today Daily Change % -0.04
Today daily open 0.6883
 
Trends
Daily SMA20 0.6824
Daily SMA50 0.6801
Daily SMA100 0.685
Daily SMA200 0.6954
 
Levels
Previous Daily High 0.6926
Previous Daily Low 0.6876
Previous Weekly High 0.693
Previous Weekly Low 0.681
Previous Monthly High 0.693
Previous Monthly Low 0.667
Daily Fibonacci 38.2% 0.6895
Daily Fibonacci 61.8% 0.6907
Daily Pivot Point S1 0.6864
Daily Pivot Point S2 0.6845
Daily Pivot Point S3 0.6814
Daily Pivot Point R1 0.6914
Daily Pivot Point R2 0.6945
Daily Pivot Point R3 0.6964

 

 

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