Australian Dollar Gains Even as China’s Services PMI Disappoints

The Australian dollar rallied today despite unfavorable services data for China, Australia’s biggest trading partner. By now, the Aussie has lost its gains versus the US dollar but continued to trade above the opening level versus other most-traded rivals.

The seasonally adjusted Caixin China General Services Business Activity Index slumped to 51.6 in June from 52.8 in May. It marked the slowest expansion of the sector in more than a year. Analysts had predicted the index to stay basically unchanged.

AUD/USD was up from 0.7601 to 0.7631 intraday buy backed off and traded close to its opening level as of 9:44 GMT today. AUD/JPY gained from 86.11 to 86.25.

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