Chinese Caixin Services PMI: Better from China as beats estimates

Ross J Burland FXStreet

Caixin Services PMI has been released as follows:

Caixin China PMI Services (Jul): 54.9 (est 50.5, prev 50.3).
Caixin China PMI Composite (Jul): 53.1 (prev 50.6).

This is better data following the manufacturing disappointment earlier in the week.

China July Caixin Manufacturing PMI fells to 15-month low of 50.3 from 51.3, 10y CNYGB yield dropped to 2.80%, which was the lowest since June 2020

AUD/USD impact and update

AUD/USD has not reacted to the data which has sat in a tight range for the entire day between 0.7388 and 0.7401.

traders are taking a breather following the Reserve Bank of Australia that was a surprise with a hawkish hold yesterday.

Aussie rallied across the board in a soft environment for the greenback that struggles to break higher within its shallow correction:

About Caixin Services PMI

The Caixin Services PMI™, released by Markit Economics, is based on data compiled from monthly replies to questionnaires sent to purchasing executives in over 400 private service sector companies. The panel has been carefully selected to accurately replicate the true structure of the services economy.

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

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