The most recent round of manufacturing PMI re-leases has provided for a tightened focus on the shifting global growth outlook, driving broad-based USD strength as market participants con-sider softening trajectories in China and the euro area alongside expec-tations for a steadily improving economic environment in the U.S. Among the G10 currencies, JPY, NZD, AUD, GBP and CAD are weak and down over 0.4%. CHF, EUR and NOK are soft, and SEK is flat. Broader markets are mixed, as equity futures and U.S. yields point to risk appe-tite as oil and copper reflect the softened global outlook. For gold, its decline to 2.5 month lows highlights the broader USD picture.
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