China's Services Purchasing Managers' Index (PMI) declined to 51.5 in November from 52.0 in October, according to the latest data published by Caixin on Wednesday.
China 's Services Purchasing Managers' Index declined to 51.5 in November from 52.0 in October, according to the latest data published by Caixin on Wednesday. The data came in below the market expectations of52.5 in the reported period. AUD/USD reaction to China ’s Services PMI At the time of writing,the AUD/USD pairis down 0.42% on the day near 0.6450, reeling from the pain of weak Australian growth numbers for the third-quarter.
How does the health of the Chinese Economy impact the Australian Dollar? China is Australia’s largest trading partner so the health of the Chinese economy is a major influence on the value of the Australian Dollar . When the Chinese economy is doing well it purchases more raw materials, goods and services from Australia, lifting demand for the AUD, and pushing up its value. The opposite is the case when the Chinese economy is not growing as fast as expected.
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