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All eyes on ‘Phase-One’

Published January 15, 2020

By George Hopkinson

The Australian Dollar continues to struggle around the 0.6900 mark ahead of the US-China Phase-One trade deal expected to be signed overnight.

Last night’s US Inflation numbers posted lower than expected, but equities rallied and US Banks Citi and JP Morgan posted strong results in earnings season adding to ‘risk-on’ sentiment despite the trade deal uncertainty.

The Yuan (CNY) rallied yesterday on the news it’s no longer being accused by the US Treasury as a ‘currency manipulator’. Chinese Imports and Exports rose in December by 16.3% and 7.6% after disappointing November figures. Considering Australia ships two thirds of its goods to China, support for the AUD was expected.