The HSBC Services PMI fell to 51.1 in April from 54.3 in March
- Slowest in 20 months (since August 2011)
- While a reading above 50 indicates sector expansion, this is a very slow result
“The cooling of service sector activity in April likely reflected the knock-on effect of slower manufacturing growth, the impact of property tightening measures and the spreading bird flu,” said HSBC’s China chief economist Qu Hongbin.
More at Reuters article: China HSBC April services PMI falls to lowest in nearly two years
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AUD/USD has remained weak after the HSBC China PMI added to a string of bad news and data points today. Retails sales down, job ads down (but back month revised higher, which is a plus), Deloitte investment monitor turing more negative.
There are AUD/USD buy orders 1.0270/80 which are holding it. Sell orders starting to cluster 1.0305/15.
Its a Tokyo and London holiday today, so movement may be limited until we get the New York market active.
