Trade deal optimism boosts Aussie, Chinese yuan

Trade deal optimism boosts Aussie, Chinese yuan

Juckes said the euro would be one of the last currencies to benefit from improved risk sentiment, noting that Monday's data showing Polish manufacturing activity in its sharpest downturn in 10 years had taken the wind out of the euro's sails.

Asian shares closed in on their July peak on Tuesday on increasing signs the United States and China are inching closer to a truce in their trade war and on optimism the USA economy is well poised for solid, consumer-driven growth.

Jeffrey Halley, senior market analyst for Asia-Pacific at OANDA, said: "It could be interpreted as the USA blinking first as the presidential impeachment hearings gather momentum, and we approach the holiday season and then an election year".

But in a morning note, analysts at National Australia Bank sounded a note of caution.

Reports that China is pushing U.S. President Donald Trump to remove more tariffs imposed in September as part of a "phase one" U.S.

In comments on Friday, White House economic adviser Larry Kudlow said tariffs set to kick in on December 15, which would cover Chinese imports such as laptops, toys and electronics, would remain on the table, and the decision whether to cancel them would be made by US President Donald Trump.

MSCI's gauge of stocks across the globe gained 0.54% while its emerging markets rose 1.46%.

A generally upbeat US employment report on Friday also added to optimism the USA economy, while slowing, was not headed toward a recession.

Singapore equities rose on the back of financials and industrial sectors, with DBS Group Holdings and Jardine Strategic Holdings advancing up to 1% and 1.8%, respectively.

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On Wall Street, the S&P 500 gained 0.37% to a record high of 3,078.27 on Monday while the Dow Jones and the Nasdaq also clinched all-time highs.

However, a survey showed private sector activity shrank for the sixth consecutive month in October as output and new orders continued to slide amid poor operating conditions, partly linked to recent nationwide power cuts.

"Everybody had been looking for a much worse number and it didn't materialise, so some bounce from that was entirely plausible and reasonable".

"It's hard to see why you wouldn't be at least thinking, there is a "good profit-taking opportunity right now" and positioning for a slightly worse outcome", he said. The Japanese yen weakened 0.36% versus the greenback at 108.58 per dollar./eur=.

Brent crude futures for January delivery rose 88 cents to $63.01 a barrel, while U.S. West Texas Intermediate (WTI) crude futures rose 76 cents to $57.30 a barrel. The dollar against a basket of six major currencies edged up 0.1 percent to 97.289.

The South African rand, meanwhile, extended gains for a third session as the country escaped a "junk" rating on its sovereign debt from credit ratings agency Moody's on Friday. Resolving the row would boost riskier assets, ease concern about the economic outlook and reduce the need for aggressive monetary easing.

Trade optimism kept the Chinese yuan near its highest levels since mid-August, with the offshore yuan at 7.0246 per dollar.

Rising economic optimism dented gold, which fell 0.47% to $1,503 per ounce.

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