AUD/USD REMAINS QUIET AROUND 0.6740 DESPITE UPBEAT CAIXIN SERVICES PMI AUD/USD has not shown any major reaction to the exceptionally higher-than-expected Caixin Services PMI data. A survey from Reuters indicates an interest rate peak for the RBA at 3.85%. S&P500 futures have extended loss after a positive Thursday, indicating that investors’ risk appetite is fading away. The AUD/USD pair has remained lackluster despite the IHS Markit reported hotter-than-anticipated Caixin Manufacturing data. The economic data has landed at 55.0, higher than the consensus of 50.5 and the former release of 52.9. After the rollback of restrictions on the movement of men, materials, and machines, the Chinese economy is marching effectively on the path of economic recovery. The administration and the People’s Bank of China (PBoC) are dedicated to spurring domestic demand by deploying more stimulus and reform measures. It is worth noting that Australia is the leading trading partner of China and higher service PMI in China will strengthen the Australian Dollar ahead. Meanwhile, a recent drop in the Australian monthly Consumer Price Index (CPI) has failed to scale down hawkish expectations from the Reserve Bank of Australia (RBA).