China's Caixin Services PMI jumps to 53.4 in September, AUD/USD keeps highs
China's Caixin services PMI for September came in at 53.4 vs. 50.7 expected and 46.7 last, showing that the country’s services activity has expanded sharply in the reported month.
The index pulled away from the lowest level seen since the height of the pandemic last year.
The index pulled away from the lowest level seen since the height of the pandemic last year.
Wang Zhe, senior economist at Caixin Insight Group said, “in view of this, in the coming months, the government should focus on improving epidemic prevention and control and alleviating supply-side pressure," said
"It should also find a balance among multiple objectives, such as promoting employment, holding raw material prices stable, ensuring a stable and orderly supply, and meeting targets for controlling energy consumption, he added.
AUD/USD tests highs above 0.7300
The big beat on the Chinese Services PMI numbers is adding to the bullish undertone in the aussie dollar, as AUD/USD hovers near three-week highs of 0.7325. The spot was last seen trading at 0.7322, up 0.12% so far.
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.
