May’s final S&P Global Services PMI for Australia improved to 48.7, surpassing expectations and signaling a slower contraction.
Australia’s final S&P Global Services PMI climbed to 48.7 in May, up from April’s 50.7, beating market estimates. The reading indicates a contraction in the sector but at a softer pace than anticipated.
The index had previously signaled expansion above the 50 threshold in April. Analysts had expected a sharper decline, making May’s figure a relative positive for the services sector.
The data may provide modest support for the AUD/USD pair, though broader market reactions remain contingent on global risk sentiment and RBA policy signals.