Australia Services PMI for February (final) 50.8 (prior 51.2)

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Australia Services PMI for February (final) 50.8 (prior 51.2)

Australian February services and composite PMIs from S&P Global

Services PMI 50.8

• preliminary was 51.4

• prior 51.2

Composite 50.6

• preliminary was 51.2

• prior 51.1

Earlier this week we had the final manufacturing pmi:

• Australian Manufacturing PMI February Final 50.4 (prior was 50.2)

From the analyst comments to the report, in summary:

• The S&P Global Australia Composite Output Index was revised lower from its flash estimate, indicating softer economic conditions toward the end of February. Growth in the key services sector slowed, though new business in services remained steady compared to January.
• Meanwhile, manufacturing new orders increased for the first time in over two years, suggesting that output in this sector may return to growth soon.
• Despite a slight dip in February, business confidence remained near a three-year high, with optimism driven by expectations of improved economic conditions and potential interest rate cuts boosting sales.
• Cost pressures eased, with overall output price inflation declining for the first time in three months. Inflation remained below long-term trends, reinforcing the possibility of further interest rate cuts in Australia.

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AUD is being shoved around by the debacle in the US, update:

Note that while you'll hear a lot about the chaos in the US administration and the wild volatility its inducing in markets, that ther is a silver lining for traders. Scalpers are being presented with near-perfect conditions. If you are a longer-term sort of traders this environment is challenging, but for scalpers, yeah - make hay!

                This article was written by Eamonn Sheridan at www.forexlive.com.

Source: Australia Services PMI for February (final) 50.8 (prior 51.2)

forexlive.com