China's Caixin Services PMI improves to 48.0 in December vs. 47.5 expected

Dhwani Mehta FXStreet

China's Caixin Services PMI for December arrived at 48.0 vs. 47.5 expected and 46.7 prior, showing that the country’s services activity slowed its pace of contraction in the reported month.

December survey data suggested softer falls in business activity and new work.

Wang Zhe, Senior Economist at Caixin Insight Group said, “both supply and demand shrank in the sector due to Covid outbreaks, with the gauges for business activity and total new business staying below 50 for the fourth straight month in December. Nonetheless, some service companies reported that business had improved since November. The pandemic also took a toll on overseas demand as the reading for new export orders slid back into contraction.”

AUD/USD unimpressed by upbeat data

Upbeat Chinese Services PMI failed to have any positive impact on the Australian Dollar, as AUD/USD drops 0.20% on the day to test daily lows near 0.6820, as of writing.

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.

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