China Caixin Services beats and compliments a slew of positive data from China

The Chinese Caixin Services PMI has been released as follows:

• Caixin China PMI Services Feb: 55 (est 54.5, prev 52.9).
•  Caixin China PMI Composite Feb: 54.2 (prev 51.1).

This date follows data earlier this week with the official manufacturing PMI rising to 52.6 in February from 50.1 prior, the highest reading in over a decade. In addition, average PMIs for manufacturing, services and construction in 2M-2023 reached their highest levels in nearly two years, indicating a broad-based recovery. The rebound in services activity was stronger than manufacturing, as external demand remained relatively soft.

AUD/USD update

Despite the data today, AUD/USD is a touch lower on the release, but remained up on the day at 0.6740 and touch below the highs of 0.6752.

About The 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.