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Trade talks optimism pushes Australian dollar up

The Australian dollar rose on Wednesday in the hope of an early conclusion of a trade agreement between Beijing and Washington.

australian dollar rises 0304Photo: Reuters

Reports of progress in trade negotiations between the United States and China, as well as optimistic data on manufacturing activity in both countries, have supported markets in recent days and helped Asian markets reach monthly highs.

The Australian dollar rose by 0.68 percent to $0.7119, having recovered most of its losses, which it suffered on Tuesday after the RBA announcement.

China’s yuan rose by 0.2 percent to 6.7115 due to improved optimism regarding the dynamics of the country's economy, as well as thanks to 90 percent progress in trade negotiations between Beijing and Washington, but by 8.12 GMT, the Chinese currency fell by 0.13 percent to 6.7095.

It should be noted that the remaining 10 percent of the trade talks is the most difficult part of it, so negotiations can last until the end of June.

Japan’s currency resumed its growth by 0.18 percent, reaching the level of 111.52 at 8.09 GMT.

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