China’s Caixin Services PMI was released as follows:
- Caixin China PMI Service Feb: 55 (estimate 54.5, prior 52.9).
- Caixin China PMI Composite February: 54.2 (previous 51.1).
The date is the highest reading in more than a decade, following data earlier this week when the official manufacturing PMI rose to 52.6 from 50.1 in February. Moreover, the average manufacturing, services and construction PMIs for February 2023 reached their highest levels in nearly two years, indicating a broad-based recovery. The recovery in service activity was stronger than in manufacturing as external demand was relatively soft.
AUD/USD Update
Despite today’s data, AUD/USD was slightly lower on release, but continued to rise on the day at 0.6740, below its all-time high of 0.6752.
About Caixin Service PMI™
The Caixin Services PMI™, published by Markit Economics, is based on data gathered from monthly responses to surveys sent to purchasing managers at over 400 private service sector companies. The panels have been carefully selected to accurately reproduce the true structure of the service economy.