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China Services PMI posted 52.2 in March

Wednesday, Apr 06 2016

There were no data releases from Australia this morning, however, from China, Services PMI figures were released. March survey data pointed to a modest rebound in overall Chinese business activity, driven by slightly stronger growth of services activity and a renewed expansion of manufacturing output. The stronger performance of the service sector was highlighted by the Caixin China General Services Business Activity Index posting at 52.2, up from 51.2. That said, the reading continued to point to a modest rate of expansion that was slower than the series average. Meanwhile, manufacturing output returned to growth after an 11-month sequence of stagnant or reduced production, though the rate of growth was only marginal.

In line with the trend for activity, new orders rose modestly at service providers in March, with the rate of growth little-changed from the previous month. Some respondents commented that improving underlying market conditions had helped to secure new work. Meanwhile, goods producers saw the first rise in new business since June 2015. As was the case with output, however, the rate of expansion was only slight. At the composite level, new business rose at a rate that, though modest, was the strongest recorded in ten months.

Aussie is currently being traded around 0.7560 area. Pair is likely to find support around 0.75 handle and resistance above 0.7630 level. Later today, in the US session, FOMC Meeting Minutes are scheduled for a release.

More in this category: « ISM Non-Manufacturing PMI increased more than expected German Industrial Production down by 0.5% »

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