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China Services PMI at a tenth-month high

Wednesday, Aug 05 2015
Caixin China General Services Business Activity Index posted 53.8 in July, up from June’s recent low of 51.8. Analysts were expecting smaller increase to 52.2. This was the strongest reading in past ten months. The stronger rise in service sector activity was supported by a further increase in new business volumes in July. Furthermore, the rate of new order growth accelerated to a solid pace that was the second-fastest in eight months. 
 
Anecdotal evidence suggested that stronger underlying client demand and new customer wins led to increased new work at service providers. In contrast, new work placed at manufacturers declined solidly in July, after a slight increase in June. As a result, new business at the composite level rose at a fractional pace that was the slowest in the current 15-month sequence of expansion. 
 
Data did not have any major impact on the markets with Aussie declining currently being traded at 0.7350 level. Pair is likely to find support around 0.73 area and resistance above 0.74 handle. Later today, in the US session, ADP job figures and Trade Balance data is scheduled for a release.
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