Judo Bank's Australia Purchasing Managers Index figures improved slightly in June, with the Services PMI ticking upwards to 51.2 MoM compared to the previous month's 51.0, and flaunting the forecast move lower to 50.6. Judo Bank's Composite PMI also ticked higher, moving to 50.7 MoM compared to the previous 50.6. Despite the improved figure, weak spots in Australia n business activity outlooks remains muted.
Survey responses reflect the change, if any, in the current month compared to the previous month and can anticipate changing trends in official data series such as Gross Domestic Product , employment and inflation. A reading above 50 indicates that the services economy is generally expanding, a bullish sign for the Australian Dollar . Meanwhile, a reading below 50 signals that activity among service providers is generally declining, which is seen as bearish for AUD. Read more.
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