China PMI Surges, But AUD Falls Short of Expectations

China's Services Purchasing Managers' Index (PMI) rose to 51.4 in August, outperforming market expectations of 50.6. This increase from July's 50.4 reading signals a strengthening services sector. The news comes as the Australian Dollar is down 0.04% on the day.

The PMI figure for Australia's largest trading partner, China, has implications for the AUD/USD pair. However, the currency's value was not boosted by the strong reading. The Reserve Bank of Australia influences interest rates, which in turn affects the AUD's value.