China Caixin/IHS Markit March Services PMI at 43.0 (vs 26.5 in February) – making 46.7 for the composite.
AUD/USD was unresponsive to this and was also muted on the Retail Sales beat, (more on that here AUD/USD remains sidelined near 0.6055 despite upbeat Aussie data). “Looking ahead, the outlook should continue to improve as restrictions are lifted in April,” analysts at Westpac argued.
Description
The Caixin Services PMI is based on data compiled from monthly replies to questionnaires sent to purchasing executives in over 400 private service sector companies. The panel has been carefully selected to accurately replicate the true structure of the services economy.
In other news, the Asian Development Bank (ADB) on Friday, lowered its 2020 GDP growth forecast for China:
- ADB cuts China’s 2020 GDP forecast to 2.3%
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