by Chris Becker
With the capital expenditure print surprising to the upside, upsetting the apple cart of 4Q GDP forecasts following the disastrous construction data yesterday, the Australian dollar initially took a leap higher:
After reversing overnight due to a much stronger USD, this spike has had more luck in the crosses, with the Kiwi the standout. But it was shortlived as the latest Chinese PMI data came in thereafter, spoiling the party and taking the Aussie back to its nightly session lows just above 71.20 against USD.
The PMI data reconfirmed the downward trajectory of Chinese manufacturing with this contracting print the third in a row, down to 49.2 from 49.5 previously:
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