China data hits dollar
THE Australian dollar has dipped to its lowest level in more than six years on the back of weak Chinese manufacturing data. The dollar was trading at US72.79¢ yesterday, down from US73.54¢ earlier. It dropped when the Caixin/ Markit China Manufacturing Purchasing Managers’ Index showed a biggerthan- expected fall. ThinkForex analyst Matt Simpson tipped the currency to hit US70¢ later this year.