Markets are having a very big Risk Off move overnight with the Dow down more than 200 points, the SPI 200 is down sharply in futures trade, gold is up through $1260 oz and US 10-years rates are down 10 points.
The big story – or the excuse – is the HSBC Chinese PMI yesterday which showed Chinese manufacturing back in contraction zone.
As a result the Aussie dollar, traders’ favourite global growth trade, fell to 0.8730 overnight, its lowest level since July 2010.
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