The final reading of Australia's Judo Bank Services Purchasing Managers Index (PMI) rose to 52.5 in August from 50.4 in the previous reading.
The final reading of Australia 's Judo Bank Services Purchasing Managers Index rose to 52.5 in August from 52.2in the previous reading. This figure was above the market consensus of 52.2, the latest data published by Judo Bank and S&P Global showed on Wednesday. The Composite PMI climbed to 51.7 in August versus 51.4 prior. Market reaction At the press time,theAUD/USDpairwas up 0.01% on the day to trade at 0.6712.
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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