The pair opened at $0.8752 this morning, slightly below the bottom of Friday’s $0.8765 to $0.8854 range after data released at the weekend showed a lower-than-expected 50.8 reading of the October PMI from the China Federation of Logistics and Purchasing. Despite subsequent minor losses in the opening hours, the aussie held above $0.8733 through the early part of the day, marking a high of $0.8762. Early data included house prices and the AiGroup’s manufacturing index, which were generally slightly positive. But the aussie dropped back sharply after the release of ANZ Oct job ads and Sep building approvals data, which were below expectations. Aussie-dollar slid to $0.8710 minutes after the data were released and held a heavy tone from then on. Losses extended to a $0.8704 low about an hour later before it saw a mild recovery in the late morning. Aussie-dollar was last at $0.8729. Up top, further sellers are expected to appear on moves through $0.8800, with fair-sized offers noted further up at $0.8850/55.
