China Nov. official composite PMI came in at 55.7 as the official services PMI rises to 56.4 vs October 56.2.
The above is bullish for the commodity sector and Aussie in particular which has benefitted from the growth in its largest trade partner emerging from the covid crisis.
However, the market has, so far, been reluctant to buy the Aussie on the back of the day, for the price is instead falling by a hand-full of pips from a high of 0.7407 to a post data low of 0.7400.
Description of the official non-manufacturing PMI
The official non-manufacturing PMI, released by China Federation of Logistics and Purchasing (CFLP), is based on a survey of about 1,200 companies covering 27 industries including construction, transport and telecommunications. It's the level of a diffusion index based on surveyed purchasing managers in the services industry and if it's above 50.0 indicates industry expansion, below indicates contraction.
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