Australian Dollar Up as China Manufacturing PMI Hangs On Above 50 - DailyFX

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Australian Dollar Up as China Manufacturing PMI Hangs On Above 50 - DailyFX Posted: 30 Dec 2019 05:29 PM PST Australian Dollar, China Purchasing Managers Index, Talking Points: December's PMI came in at 50.2 This matched November's print and marked another month of very modest expansion The service sector decelerated but its PMI remained well above the key 50 line AUD/USD MIXED Data provided by of clients are net long. of clients are net short. Change in Longs Shorts OI Daily 3% -2% 0% Weekly -1% 1% 0% The Australian Dollar didn't move much in session clearly thinned by the holidays on news that China's manufacturing sector managed to stay in expansion territory this month. Its official Purchasing Managers Index was 50.2, a tick above the 50.1 level markets expected and exactly the same as November's print. In the logic of PMIs and reading above 50 signifies an expansion for the sector. The latest edition will offer modest relief that the return to positive territory which started last month goes on, even if it remains very tentative. The PMI was below 50 for eight of 2019's twelve months as trade war tensions, worries about a more general economic slowdown and political unrest in Hong Kong roiled the Chinese economy. The service sector reading was 53.5, much more clearly positive but still a deceleration from November's 54.4, for a composite of 53.4. All up the data still speak to significant underperformance in the Chinese economy and will do little to alter perceptions that a trade settlement with the US can't come too soon. The Australian Dollar can act as the markets' favorite liquid China bet, thanks to Australia's huge export links with the world's number two economy. However, on a New Year's Eve morning there seemed little appetite to chase AUDUSD higher on these figures. The Australian Dollar has had a great run higher since the lows of early December and is now back to highs not seen since July against its US big brother. The Aussie remains one of the pre-eminent global growth-play currencies and has therefore done well as investors have started to feel more confident and pushed US stick indexes up to new record highs. AUD/USD has also been supported by hopes for better trade relations between the US and China, and also by the election of a strong majority government in the UK which ended the torturous Brexit deadlock in Parliament. The Australian Dollar has been one of the currencies most sensitive to the Brexit story and its effects on risk appetite. Domestically job-creation has remained strong and, while the markets would not be surprised to see record-low Australian interest rates fall again in 2020, the probability of such a move has been judged to have lessened a bit this month. Official inflation figures may well be key here, with consumer price growth stubbornly below the Reserve Bank of Australia's 2% lower target band all year. A stronger Australian Dollar makes that target even harder to hit, so RBA commentary on the currency as the new year gets under way will be fascinating. Join our analysts for live, interactive coverage of all major economic data at the DailyFX Webinars. We'd love to have you along. Australian Dollar Resources for Traders Whether you're new to trading or an old hand DailyFX has plenty of resources to help you. There's our trading sentiment indicator which shows you live how IG clients are positioned right now. We also hold educational and analytical webinars and offer trading guides, with one specifically aimed at those new to foreign exchange markets. There's also a Bitcoin guide. Be sure to make the most of them all. They were written by our seasoned trading experts and they're all free. --- Written by David Cottle, DailyFX Research Follow David on Twitter@DavidCottleFX or use the Comments section below to get in touch!

Binance ramps up in Australia with online Bitcoin trading - Micky News Posted: 20 Dec 2019 12:00 AM PST Binance is ramping up in Australia, enabling users to buy Bitcoin with Aussie dollars online with no fees. CZ says it's 'just the beginning'. Australia's Binance Lite has partnered with POLi Payments to allow users to buy Bitcoin with no fees directly on their website. It's live this morning. The crypto brokerage outfit (it's not an exchange) says it's just the first of many cryptocurrencies to be offered online by Binance's Australian operation, with more digital assets announced early in the new year. It's a significant upgrade as until now, Binance Lite only took payments over the counter at 1300 retail locations. Transactions made in person cost 2.5% to cover the merchant's time and overheads, however, the new online service will have zero fees until March. Binance Lite said the fee will be 0.5% afterward. Binance is ramping up in Australia, enabling users to buy Bitcoin with Aussie dollars online with no fees. CZ says it's 'just the beginning'. Australia's Binance Lite has partnered with POLi Payments to allow users to buy Bitcoin with no fees directly on their website. It's live this morning. The cr POLi Payments is an Australian service that allows users to log into their online bank accounts and transfer money for payments directly to a merchant. Binance Lite also has an escrow feature that locks in real-time Bitcoin prices at the time of purchase, while waiting for the funds to clear. This can take three days initially – Binance Lite says there is a chargeback risk in this period – before the funds fully clear. Subsequent transfers will clear in a day or less. Users will need to pass KYC identity verification checks as required by Australian law. Binance Lite told Micky this should only take a few hours to be approved. CZ promises bigger things are coming Changpeng Zhao, the CEO of Binance, said it was just the beginning. "This new service through the integration with POLi Payments marks the start of our larger plans to make crypto more accessible in Australia," CZ said. "We are looking forward to seeing the increase of utility across the region with many Australians already transacting in crypto for booking travels, buying coffee and more. I would love to visit Australia one day and spend bitcoin and BNB there."

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