China’s RatingDog Services PMI jumps to 51.4 in August, vs. 50.6 expected
China's Services Purchasing Managers' Index (PMI) climbed to 51.4 in August from 50.4 in July, the latest data published by RatingDog showed on Thursday. This figure came in stronger than the market expectations of 50.6.
China's Services Purchasing Managers Index (PMI) surged to 51.4 in August, surpassing the anticipated 50.6. This positive indicator, disclosed by RatingDog, does not bolster the Australia-based Australian Dollar. The AUD/USD currency pair is currently experiencing a slight decline of 0.04%, trading at 0.7165. Key factors affecting the AUD include the Reserve Bank of Australia's (RBA) interest rate decisions, the price of Iron Ore, China's economic health, Australia's inflation rate, growth rate, Trade Balance, and market sentiment.
As Australia is a resource-rich nation, Iron Ore prices also play a significant role in determining the Australian Dollar's value. The RBA's interest rate adjustments impact the overall economy, with higher rates generally supporting the AUD. China's robust economy leads to increased demand for Australian exports, resulting in higher AUD value. Conversely, a faltering Chinese economy can negatively impact the AUD.
Written by urgent.news from FXStreet's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
Also reported by 2 other outlets
- India's services growth picks up in August but stays near four-year low, PMI shows economictimes.indiatimes.com
- Japan's August Services PMI revised up to 52.5, composite index reaches 53.5 seekingalpha.com
