China's Caixin Services PMI climbs to 53.8 in October, a positive surprise
China's Caixin services PMI for October came in at 53.8 vs. 50.7 expected and 53.4 last, showing that the country’s services activity continues to expand in the reported month.
The rate of growth was the quickest seen since July and solid, albeit slightly softer than the long-run series average (54.1).
Wang Zhe, senior economist at Caixin Insight Group said, “Supply and demand both recovered as disruptions from local Covid-19 outbreaks faded by the middle of October. The gauges for business activity and total new business both reached the highest level in three months." said
"Overseas demand also rebounded as the measure for new export business moved into expansionary territory,” he added.
AUD/USD keeps gains above 0.7400
The upside surprise on the Chinese Services PMI numbers has little to no impact on the aussie dollar, as AUD/USD is off the daily highs, currently trading at 0.7430, up 0.05% on the day.
Author
Dhwani Mehta
FXStreet
Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.
