China’s services sector grew at its slowest pace in seven months in September despite a strong increase in new orders, a private survey showed on Tuesday.
The Caixin/Markit services purchasing managers’ index (PMI) fell to 51.3 last month, the weakest since February, following August’s 52.1 reading. The guage, however, held above 50, indicating expansion.
The Composite PMI picked up from 51.6 in August to 51.9 in September, to signal the strongest rate of growth since April. The data seems to have put a bid under the AUD. The AUD/USD pair has added 10 pips to hit a high of 0.6740.
Key points (Source: Reuters, Markiteconomics.com)
New orders for services in September grew at the fastest pace since January 2018
Operating costs hit a one-year high because of an increase in labor, fuel and raw material expenses.
The volume of new work from abroad received increased for the third straight month in September.
Services firms added jobs at the fastest pace since January 2017.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.