Chinese Vice Foreign Minister Hua Chunying said on Friday, “China has ‘full confidence’ in its ability to manage United States (US) trade issues.”
The AUD/USD pair trades flat around 0.6420 during North American trading hours on Thursday. The Aussie pair struggles for direction, while the US Dollar (USD) gives up initial gains.
Bias for Euro (EUR) is tilted to the downside vs US Dollar (USD); any decline is likely limited to a test of 1.1280. In the longer run, current price movements are likely part of a consolidation phase between 1.1225 and 1.1410, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.