China’s Services Purchasing Managers’ Index (PMI) eased to 52.7 in January when compared to the December reading of 52.9, the latest data published by Caixin showed on Monday.
Key points
Business activity continues to rise solidly…
…but new order growth eases notably on the month.
Firms register back-to-back increase in employment.
Commenting on the China General Services PMI ™ data, Dr. Wang Zhe, Senior Economist at Caixin Insight Group said: “The gauge has remained in expansionary territory for 13 straight months, indicating a sustained recovery in the services sector.”
“Supply and demand continued to expand in January, represented by growth in business activity and total new orders that carried into the 13th straight month,” Wang added.
AUD/USD reaction to China’s Services PMI
Discouraging Chinese Services PMI adds to the downside in the Aussie Dollar, keeping AUD/USD on the back foot near 0.6500. The pair is trading 0.18% lower on the day at 0.6498, as of writing.
Australian Dollar price today
The table below shows the percentage change of Australian Dollar (AUD) against listed major currencies today. Australian Dollar was the weakest against the US Dollar.
| USD | EUR | GBP | CAD | AUD | JPY | NZD | CHF | |
| USD | 0.05% | 0.14% | 0.07% | 0.09% | 0.00% | 0.12% | 0.10% | |
| EUR | -0.05% | 0.09% | 0.01% | 0.02% | -0.03% | 0.07% | 0.05% | |
| GBP | -0.14% | -0.09% | -0.07% | -0.07% | -0.12% | -0.06% | -0.07% | |
| CAD | -0.07% | -0.02% | 0.07% | 0.01% | -0.05% | 0.07% | 0.00% | |
| AUD | -0.09% | -0.03% | 0.07% | 0.00% | -0.06% | 0.04% | 0.02% | |
| JPY | -0.02% | 0.04% | 0.11% | 0.07% | 0.06% | 0.16% | 0.08% | |
| NZD | -0.13% | -0.07% | 0.03% | -0.05% | -0.04% | -0.12% | -0.02% | |
| CHF | -0.10% | -0.05% | 0.04% | -0.03% | -0.02% | -0.10% | 0.01% |
The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the Euro from the left column and move along the horizontal line to the Japanese Yen, the percentage change displayed in the box will represent EUR (base)/JPY (quote).
Source: https://www.fxstreet.com/news/chinas-caixin-services-pmi-eases-to-527-in-january-vs-529-previous-202402050147