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China service sector activity growth weakens to three-month low in May

Friday, Jun 03 2016
May survey data indicated that overall Chinese business activity growth weakened for the second month in a row, as services activity expanded at a slower rate and manufacturers reported a fractional fall in production for the second consecutive month. Furthermore, it was the weakest increase in service sector business activity since February, with the Caixin China General Services Business Activity Index registering 51.2 in May, down from 51.8 in the previous month.  
Reflective of the trend for service sector business activity, new business placed at service providers also rose at a slower pace in May. Furthermore, the rate of increase was modest and remained slower than the historical average. Some monitored firms commented that new product launches had helped to lift sales in the latest survey period. In contrast, total new orders at goods producers declined for the first time in three months during May, albeit only slightly. As a result, composite new business rose marginally in May, with the latest increase the slowest since February.   
 
Aussie is currently being traded few points above 0.7220 level. Pair is likely to find support around 0.7180 handle and resistance above 0.7280 level. Later today, in the US session, NFP, Trade Balance and Non-Manufacturing PMI figures are scheduled for a release.
More in this category: « ECB left interest rates unchanged Spanish Services PMI unexpectedly rose in May »

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