That is a huge drop and a big plunge into contraction.

Check out the AUD response …. barely anything. Services PMI does not attract the same focus as manufacturing PMI. Given the size of the services sector that is nothing short of ridiculous.

This is not a positive indication at all.

AiG Services PMI (Performance of Services Index) for January.

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ps. There is another services PMI from Australia to come at the top of the hour:

CBA Markit Services and Composite PMIs for January, final

  • Preliminary readings were 51.0 for Services and 51.5 for Composite