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Data from FMP. Forecasts by Sigmanomics Forecast Engine.
AustraliaAustralia CommBank Services PMI climbed to 58.2 in July 2020
FMPMonthlyReleased August 2020
Australia CommBank Services PMI climbed to 58.2 in July 2020, released August 2020, up 5.1 from June's 53.1 reading. The reading matched the 58.5 consensus. The print is running well above the 12-month average of 36.81. Over the past 3 months, CommBank Services PMI averaged 43.44, vs 34.11 in the prior 3-month window. The reading is in the 96th percentile of the trailing 24-month range.
Latest Release
58.2
Actual
58.5
Consensus
53.1
Previous
Median Absolute Error
±0.85
across last 12 releases
Last Call
Aug 2020
Predicted: 59.8
Actual: 58.2
Error: +1.6
Sigmacast Σ-direction model: consensus + ½ × mean(surprise, trailing 90d).
CORRELATED SYMBOLS— markets that historically move with this indicator
| Symbol | Direction | Correlation | Asset Class | Signal Bias | Action |
|---|---|---|---|---|---|
| AUD/USD | ▲ Direct | +0.55 | FOREX | Bullish AUD | → View |
| AUD/JPY | ▲ Direct | +0.45 | FOREX | Bullish AUD | → View |
| AUD/NZD | ▲ Direct | +0.40 | FOREX | Bullish AUD | → View |
| XAU/USD | ▲ Direct | +0.35 | COMMODITIES | Watch | → View |
| NZD/USD | ▲ Direct | +0.35 | FOREX | Bullish NZD | → View |
Correlation based on 12-month rolling window. Click any symbol to view its Sigmanomics forecast page.
THE RELEASE
CommBank Services PMI (Australia) was reported at 50.00 in September 2020. The reading rose from the previous value of 49.00.
WHY IT MATTERS
The indicator has been trending upward over the last three releases. The trailing three releases averaged 49.03, down from the prior three at 56.60.
THE MODEL'S TAKE
Historically, this indicator is positively correlated with AUD/USD (Bullish AUD). A secondary relationship exists with AUD/JPY, positively correlated (Bullish AUD). Over the last 12 releases, the Sigmacast model's median absolute error is 0.85.
WHAT TO WATCH NEXT
Same-country events in the next 14 days include Interest Rate Decision (Jun 16) and RBA Rate Statement (Jun 16).
Auto-generated from current model state · Refreshes on each release · Last update September 2020.
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CommBank Services PMI - AU
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About CommBank Services PMI — Australia
DEFINITION
The CommBank Services PMI is a widely recognized financial indicator that measures the performance of the services sector in Australia. It provides valuable insights into the health and growth of the country's service industry, which is a significant contributor to the overall economy. This indicator is based on a monthly survey of purchasing managers from various service companies, providing timely and accurate data on key factors such as business activity, new orders, and employment. The CommBank Services PMI is a crucial tool for investors, policymakers, and businesses to make informed decisions and stay ahead of market trends.
WHY THIS INDICATOR MATTERS
Sentiment surveys are forward-looking inputs that often lead hard data on output and hiring. Sharp swings can drive cross-asset repricing. The release is more useful as part of a longer-run signal than as a single-print catalyst. Released monthly.
WHAT CHANGED THIS MONTH
Latest reading (Sep 2020): actual 50. Prior reading (Aug 2020): 49. Before that (Aug 2020): 48.1.
WHAT'S NEXT
Sigmacast's 1-month forecast points to a lower reading versus the latest print, with the 3-month outlook reinforcing that direction. Both horizons are aligned bearish for this indicator, suggesting a consistent trend signal. Trend-driven dynamics are the primary headwind in the current projection. This indicator correlates most strongly with AUD/USD (Bullish AUD, r=0.55) — a useful reference for forex-focused traders.