China's Oct PMI beats expectations, Aussie pop limited as risk ahead

China Manufacturing PMI came better than expected at 51.2 vs 50.4 expected, representing a 3rd consecutive month of expansion. Meanwhile, the services PMI stood at 54.0 vs 53.7 last. The data is a positive input for the Autralian Dollar, however, given the risk events still lying ahead (China's Caixin PMI, RBA), the initial pop (over 10 pips), has now faded and price is back towards 0.7 from a session high of 0.7610.