S&P Global Services PMI (AUD) comes in at 53.6 against 58.9 consensus

Australia’s S&P Global Services PMI registered 53.6, falling short of the consensus estimate of 58.9. This actual figure represents a -9.0% surprise compared to expectations. The reading follows the previous month’s 50.5.

Following the release, AUD pairs showed varied movement. AUDNZD saw a notable rise, up +17 pips 15 minutes after the print, which is significantly larger than its median 1-hour move of 4 pips after past releases. Other AUD crosses experienced smaller shifts. AUDCAD was down -0.2 pips, AUDCHF was up +0.8 pips, AUDJPY gained +2.7 pips, and AUDUSD was down -0.9 pips at the 15-minute mark. EURAUD was up +1.1 pips and GBPAUD was up +1.1 pips. For most pairs, these initial 15-minute moves are relatively small when compared to their respective median 1-hour moves, which typically range from 3 pips to 7 pips after past releases.