Chinese Caixin Services PMI: Softer data from China continues

Caixin Services PMI has been released as follows:

Caixin China PMI Services (Jul): 54.9 (est 50.5, prev 50.3).
Caixin China PMI Composite (Jul): 53.1 (prev 50.6).

This is more soft data following the manufacturing disappointment earlier in the week. 

AUD/USD impact and update 

AUD/USD has not reacted to the data which has sat in a tight range for the entire day between 0.7388 and 0.7401. 

traders are taking a breather following the Reserve Bank of Australia that was a surprise with a hawkish hold yesterday.

Aussie rallied across the board in a soft environment for the greenback that struggles to break higher within its shallow correction:

About Caixin Services PMI

The Caixin Services PMI™, released by Markit Economics, is based on data compiled from monthly replies to questionnaires sent to purchasing executives in over 400 private service sector companies. The panel has been carefully selected to accurately replicate the true structure of the services economy.