China’s services sector expansion slowed in May, a private sector survey showed on Thursday, with weaker overseas demand and increased costs putting pressure on businesses, Reuters reported.
”The Caixin/Markit services Purchasing Managers’ Index (PMI) fell to 55.1 in May, down from 56.3 in April but still well in expansionary territory. The 50-mark separates growth from contraction on a monthly basis.”
”The survey attributed part of the slowing expansion to a fall in overseas demand as COVID cases abroad hurt business activity. A gauge of export orders slipped into contraction.”
”The Caixin PMI contrasts with an official survey released earlier this week, which showed activity in China’s services sector expanded at a faster pace in May.”
AUD/USD was unchanged on the release.
AUD/USD round-tripped from 0.7755 to 0.7716 and back overnight and sits around 0.7750 at the time of writing, flat on the session.
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