XI JINPING CONTAINS TRADE AGREEMENT, AUDUSD STRENGTHS TO 0.7121
The AUDUSD pair welcomed the latest news on US trade talks with China, a proxy for the Australian economy.
Quoted from China's Xinhua News Agency, Thursday night, Chinese President Xi Jinping said in a letter to President Donald Trump that major progress had been made in the trade talks, and called for the negotiations to end soon to make a trade agreement.
Xinhua also reported that Deputy Prime Minister Liu He, who met Trump on Thursday in Washington, said a new consensus had been reached on the text of the trade agreement. Earlier in the day, Trump said the deal was imminent but the announcement of the agreement would be carried out in the next 4 weeks.
The US and China have been involved in an import tariff war that is mutually rewarding since the middle of last year, which has disrupted the global economy and experienced a slowdown.