S&P Global Services PMI (AUD) comes in at 53.2 against 50.6 consensus

The S&P Global Services PMI for Australia was released at 53.2, exceeding the consensus expectation of 50.6. This represents a 5.1% surprise versus consensus. The figure declined slightly from the previous reading of 53.6. A reading above 50 indicates expansion in the services sector.

Following the release, the Australian dollar showed varied movement against major pairs over the first 15 minutes. AUDCAD was down 3.3 pips, AUDCHF was down 1.3 pips, and AUDUSD was down 3.0 pips. AUDJPY gained 1.5 pips. AUDNZD declined 4.4 pips. Against the Euro and Pound, EURAUD moved up 4.4 pips and GBPAUD moved up 4.8 pips. These initial movements are generally smaller than the median 1-hour moves observed after past releases for these pairs. For instance, AUDCAD typically sees a median 1-hour move of 3 pips, AUDUSD 3 pips, and EURAUD 6 pips.