Currency Update: The AUD fell quickly after a disappointing flash manufacturing PMI number from China yesterday afternoon but has recovered to open the day...

Currency Update: The AUD fell quickly after a disappointing flash manufacturing PMI number from China yesterday afternoon but has recovered to open the day around the .9000 level. Today in Sydney the three day G20 summit of finance ministers begins. In the US, the Markit preliminary PMI data for February was higher at 56.7. The Philadelphia Fed business outlook was weaker at -6.3 vs. the forecast of 8.0. Inflation continues to not be a factor with January's CPI coming in at 0.1% mom and 1.65% yoy. In Europe, PMI services data for February was a touch stronger from 51.6 to 51.7 while the manufacturing figures fell slightly from 54 to 53. The Eurozone is on track to record some growth in their GDP with the latest estimates being an expansion of 0.8% for 2014.