BEIJING, Nov 1 — Evidence of stagnation at Chinese factories weighed on the Australian and New Zealand dollars ahead of a swathe of global manufacturing data, while Turkey’s lira surged after elections restored President Recep Tayyip Erdogan’s AK Party to power.

The Aussie and kiwi resumed losses after the first Chinese indicator for this quarter indicated manufacturing contracted for a third month. The lira jumped the most since January 2014 after AK’s victory, which solidifies Erdogan’s 13-year rule over Turkey and ends a period of political deadlock. The euro extended gains after European Central Bank President Mario Draghi said that it’s still an “open question” whether stimulus needs to be increased to bolster the economy, while Asian stock index futures signalled losses.

“The last week, and indeed the last month, was once again dominated by the world’s monetary authorities,” Matthew Sherwood, head of investment strategy at Perpetual Ltd. in Sydney, which manages about US$21 billion (RM89.53 billion), said in an e-mail to clients.

Central banks around the world are jockeying to position their economies for a move from the Federal Reserve, which has indicated it could raise interest rates as soon as next month amid signs the recovery is on a stronger footing. Factory gauges on the US to the euro area and Japan are due today, along with a private index of Chinese manufacturing, giving investors insight into the state of the global economy following the market turmoil of the third quarter. US payrolls data at the end of the week will be key to determining whether the Fed will pull the trigger on rates before the year is out.