Australia's Judo Bank Services Purchasing Managers Index (PMI) Business Activity index fell to 52.5 MoM in May, down from the previous month's 53.6, marking in a second straight month of declines.
Despite the easing headline figure, Services activity chalked in a fourth consecutive month of expansion in serivces business activity, albeit on a softer tone.
As Matthew De Pasquale, Economist at Judo Bank noted, "The complete May PMI release confirms findings from the Flash report earlier this month. Business conditions have improved for four consecutive months, the services sector is driving the rise, and employment growth remained strong throughout the month."
Market reaction
AUD/USD is grinding to a halt near 0.6650 in the early Wednesday market session after flubbing a bullish attempt to grab the 0.6700 handle on Tuesday
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