Loading page content
Data from FMP. Forecasts by Sigmanomics Forecast Engine.
AustraliaAustralia Markit Services PMI climbed to 57.4 in February 2022
FMPMonthlyReleased March 2022
Australia Markit Services PMI climbed to 57.4 in February 2022, released March 2022, up 10.8 from January's 46.6 reading. The reading matched the 56.4 consensus. Markit Services PMI has now risen for 4 consecutive months. Over the past 3 months, Markit Services PMI averaged 51.64, vs 49.91 in the prior 3-month window. Markit Services PMI is now the highest in 8 months.
Latest Release
57.4
Actual
56.4
Consensus
46.6
Previous
Median Absolute Error
±2.22
across last 4 releases
Last Call
Mar 2022
Predicted: 55.25
Actual: 57.4
Error: -2.15
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
Markit Services PMI (Australia) was reported at 57.90 in March 2022. The reading rose from the previous value of 57.40. This is classified as a medium-impact indicator released on a monthly basis.
WHY IT MATTERS
The indicator has been trending upward over the last three releases. The trailing three releases averaged 57.23, up from the prior three at 48.90.
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).
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 March 2022.
SHARE
Markit Services PMI - AU
Loading chart data...
About Markit Services PMI — Australia
DEFINITION
Markit Services PMI is a widely recognized financial indicator that measures the performance of the services sector in an economy. It provides valuable insights into the health and growth of the services industry by tracking changes in business activity, new orders, employment, and prices. This data is collected through surveys of purchasing managers in various service-based companies, making it a reliable and timely indicator of economic trends. Markit Services PMI is used by investors, businesses, and policymakers to make informed decisions and assess the overall economic outlook.
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. Surprises against consensus can drive short-term moves, particularly when the print breaks an established trend. Released monthly.
WHAT CHANGED THIS MONTH
Latest reading (Mar 2022): actual 57.9. Prior reading (Feb 2022): 57.4. Before that (Feb 2022): 56.4.
WHAT'S NEXT
Sigmacast's 1-month forecast points to a higher reading versus the latest print, with the 3-month outlook reinforcing that direction. Both horizons are aligned bullish for this indicator, suggesting a consistent trend signal. Trend-driven dynamics are the primary tailwind in the current projection. This indicator correlates most strongly with AUD/USD (Bullish AUD, r=0.55) — a useful reference for forex-focused traders.