AUD/USD supported as China RatingDog services PMI beats on domestic demand

The Australian dollar and yuan-sensitive crosses found support after China's RatingDog services PMI beat expectations, completing a week of China data that consistently showed private surveys outperforming official readings. Domestic demand carried the expansion, offsetting soft new export order growth — a mix that reduces the near-term urgency for large-scale stimulus while confirming the recovery is not yet export-led. The divergence with the state-weighted official PMIs reflects panel composition rather than data error: the private surveys skew toward smaller, more externally exposed firms, while official readings capture larger state-owned enterprises. For FX, firmer Chinese services activity is a mild positive for AUD/USD and NZD/USD as China-proxy trades, and supportive for USD/CNH stability. AUD/USD resistance sits near 0.6600 and 0.6650, with support at 0.6520 and 0.6480. Traders should note that soft export components keep trade-policy risk live, capping upside enthusiasm. Broader direction for the Aussie remains tied to Friday's US payrolls and the global bond-yield backdrop rather than China data alone.