News from China that manufacturing PMI fell to a nine month low hurt the aussie and EM on Thursday and taking a second look the picture is worse. Despite ongoing hopes that China will help stoke global growth, forward looking new orders hit a 10-month low and new export orders fell to the lowest since March 2009. Investor now say China will not help much at all in the near future, putting further pressure on the U.S. to lead the way and bail the global economy. The dollar just looks set to advance as better fundamentals compared with everywhere else, the energy boom, and higher yields attract inflows. Of course, the fiscal cliff is re-appearing in the distance as the debt ceiling approaches again. But that is likely to be a volatile hiccup at worst. The greenback is regaining supremacy.