The news is crossing the wires via the New York Times that the US President Trump has decided against imposing tariffs on Australia.
Some of Trump’s top trade advisers had urged the tariffs in response to a surge in Australian aluminum flowing into the market over the past year. The President, however, shot down the idea after fierce opposition from military officials and the State Department.
The news seems to have strengthened the bid tone around the Aussie dollar. The AUD/USD pair has added more than 10 pips in the last few pips and is currently trading at 0.6942.
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