Forex
Australia's Composite PMI Surges to 53.2 in July, Exceeds Expectations
Australia's Composite Purchasing Managers' Index (PMI) rose to 53.2 in July, exceeding market expectations of 52.6.
The index, compiled by S&P Global, combines data from both manufacturing and services sectors to provide an overall snapshot of private sector business activity.
A reading above 50 signals expansion, while below 50 indicates contraction. The July figure of 53.2 points to a continued recovery and resilience in the Australian economy.
The stronger-than-expected PMI reading may influence the Reserve Bank of Australia's (RBA) monetary policy stance, with inflation still above the target range.