Lower dollar boosts manufacturing

The Australian PMI is out and shows a sideways movement of continued contraction at 47.8.

There’s some good news, however, with new orders growing steadily towards expansion:

We can’t tell precisely, but much of the improvement is coming from jumping export orders, the index for which has rocketed since the dollar came under pressure in August, when it was at 41 points. It actually grew in November for the first time in ages at 53.4:

The magic of a lower dollar. Meanwhile, AIG management whines about the carbon tax. Heather Ridout must resign.

PMI Report Nov 11