The Australian and New Zealand Dollars came under selling pressure after Chinese Manufacturing PMI fell to 52.0 in February from 55.8 in the previous month on slowing output and orders growth, revealing the largest decline in the pace of industrial-sector expansion in 15 months. Economists were calling for a markedly smaller downturn, forecasting a reading at 55.2 ahead of the release. The slowdown bodes ill for Australian and New Zealand commodity exporters, who could on China as a major overseas market.

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