The
dollar traded steady to lower against most major currencies after Chinese
factory data beat expectations.
China’s
manufacturing expanded for the first time in three months in October, adding to
signs growth in the world’s second-biggest economy is rebounding after a
seven-quarter slowdown. The Purchasing Managers’ Index rose to 50.2 in October
from 49.8 in September, the National Bureau of Statistics and China Federation
of Logistics and Purchasing said today in Beijing.
China's
economy is finally regaining traction, official and private sector factory
surveys showed on Thursday, although the recovery remains sluggish with the
latter recording its 12th straight month of slowing growth. Evidence is mounting
that the economy revived in October after domestic credit curbs and poor demand
from overseas markets pushed economic growth in the third quarter to its weakest
rate since the depths of the global financial crisis.
Elsewhere,
Eurozone finance ministers are mulling giving Greece more time to meet
deficit-reduction targets, and hopes Greece will be granted an extension sent
the euro and other higher-yielding assets rising against the dollar earlier. The
euro also saw support from Spanish Prime Minister Mariano Rajoy, who said he
would not rule out asking for a bailout.
Later
Thursday, the U.S. will release its weekly government report on initial jobless
claims, as well as official data on nonfarm productivity and labor costs,
important inflationary indicators, while the Institute of Supply Management is
to publish data on U.S. manufacturing
activity.
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