China's Caixin Manufacturing PMI unexpectedly returns to expansion, with 50.7 in November

China's Caixin Manufacturing Purchasing Managers' Index (PMI) unexpectedly expanded to 50.7 in November when compared to October’s contraction of 49.5, the latest data published on Friday.

The market consensus was for a 49.8 readout.

Key highlights (via Caixin)

"Demand continued to grow, as the gauge for new orders remained in expansionary territory for the fourth consecutive month, hitting the highest since June. Compared with consumer goods and intermediate goods, the supply and demand of investment goods were weaker,” said Wang Zhe, an economist at Caixin Insight Group.

"Overseas demand remained sluggish, with the measure for new export orders staying in contraction for the fifth straight month," Wang added.

On Thursday, China’s National Bureau of Statistics (NBS) released the country’s official Manufacturing Purchasing Managers' Index (PMI), which declined to 49.4 as against the 49.5 contraction registered in October. Markets expected a 49.7 readout in the reported month.

AUD/USD reaction to China’s PMI data

The upside surprise in the Chinese Manufacturing PMI fuelled a fresh bid under the Aussie Dollar, with AUD/USD  flirting with an intraday high near 0.6630, up 0.32% on the day.