The Australian dollar jumped by 0.71 percent after reports said that US Treasury Secretary Mnuchin is planning to meet with China in two weeks. Trade war tensions have been pressuring China’s commercial partners as the Asian giant sought to bring in the WTO into the conflict.
The Aussie bounced back from a 29 month low as a potential de-escalation of the two largest economies trading tariffs. Although it is too early to anticipate a positive outcome of the yet to be scheduled talks, at this stage a show of goodwill is giving the currency some breathing room.
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Alfonso Esparza