China’s services sector expanded at the slowest rate in 17 months

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Wednesday, Jan 06 2016

There were no data releases from Australia this morning, however, from China Services PMI figures were released. Activity in China’s services sector expanded at its slowest rate in 17 months in December, a Caixin/Markit Purchasing Managers’ Index (PMI) survey showed on Wednesday, in a further indication that the world’s second-largest economy may be losing steam. Index showed decline to 50.2, while analysts were hoping for an incline to 52.3.

Policymakers and economists have been hoping that growth in services would offset persistent weakness in Chinese manufacturing and keep the economy from cooling too sharply. The yield on similar-dated Australian debt dropped five basis points to 2.75%. The rate on Japanese government securities due in December 2025 was down 0.5 basis point to 0.25%. That matches the lowest since January 2015, when Japan’s benchmark yield fell to an unprecedented 0.195%.

Aussie is currently being traded around 0.7120 area. Pair is likely to find support around 0.7070 handle and resistance above 0.7150 level. Later today, in the US session, ADP job figures, Trade Balance data as well as FOMC Meeting Minutes are scheduled for a release.

More in this category: « Eurozone CPI unchanged at 0.2% Euro lower despite good Services PMI data »

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