The November Caixin China Manufacturing PMI (Markit, sponsored by Caixin) has been released which follows a surprise weekend Manufacturing PMI which recorded its first expansionary print in six months. The weekend data was moving back above 50, reflecting that manufacturing activity has improved from contraction to expansion sparking a bid in risk-on fx and in the Aussie.
The Caixin China Manufacturing PMI™, released by Markit Economics, is based on data compiled from monthly replies to questionnaires sent to purchasing executives in over 400 private manufacturing sector companies.
ChinaCcaixin/IHS Markit November manufacturing PMI at 51.8 (vs 51.7 in October).
"China's factory activity unexpectedly expanded at the quickest pace in almost three years in November, with solid increases in output and new orders, a private business survey showed on Monday," Reuters reported, however, noting that "business confidence slipped and companies were reluctant to replenish their inventories, worried about the uncertain outlook for demand and the prolonged China-US trade war."
Source : FX Street