China’s Caixin/Markit services PMI was expected to remain in good health for July from 58.4 prior. The data, however, has arrived as follows: Caixin/Markit services PMI CHINA CAIXIN/IHS MARKIT JULY SERVICES PMI AT 54.1 (VS 58.4 IN JUNE) Forex reaction Ahead of the data, China’s onshore spot yuan had strengthens to a high of 6.9602 per dollar in early trade, strongest since March 11. AUD is muted on the data. Nore to come… Details of the report Resters elaborates on the outcome: Growth in China’s services sector slowed in July from a decade high the previous month, as new export business fell and job losses continued, an industry survey showed on Wednesday, pointing to cracks in the sector’s post-COVID recovery. The Caixin/Markit services Purchasing Managers’ Index (PMI) fell to 54.1 from June’s 58.4, which was the highest reading since April 2010. The 50-mark separates growth from contraction on a monthly basis. The services sector, which accounts for about 60% of the economy and half of the urban jobs, had been slower to recover initially than large manufacturers, but the recovery has gathered pace in recent months as the nationwide COVID-19 restrictions on public gatherings gradually lifted. However, pressures remain. Heavy job losses, pay cuts and now fresh COVID-19 outbreaks in the country’s west and northeast regions have made some consumers cautious about spending and going out again. Key points More to come Description Caixin Services PMI The Caixin Services PMI™, released by Markit Economics, 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. FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next AUD/USD: Bulls shrug-off China Caixin Services PMI to attack 0.7200 FX Street 2 years China’s Caixin/Markit services PMI was expected to remain in good health for July from 58.4 prior. The data, however, has arrived as follows: Caixin/Markit services PMI CHINA CAIXIN/IHS MARKIT JULY SERVICES PMI AT 54.1 (VS 58.4 IN JUNE) Forex reaction Ahead of the data, China's onshore spot yuan had strengthens to a high of 6.9602 per dollar in early trade, strongest since March 11. AUD is muted on the data. Nore to come... Details of the report Resters elaborates on the outcome: Growth in China's services sector slowed in July from a decade high the previous month, as new export business fell and… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.