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Amid broad market optimism, the South China Morning Post (SCMP) relies on an anonymous government source from Beijing to highlight the Australia-China tussle.

The news cites the China-Australia Free Trade Agreement (ChAfta) to say, “Neither Beijing nor Canberra has shown the enthusiasm or willingness to further upgrade their bilateral trade relations, given their ongoing trade dispute.”

It is additionally said in the piece that there has been no sign that the scheduled review would take place.

AUD/USD bulls ignore the news…

Despite the downbeat headlines, AUD/USD snaps a three-day downtrend while probing the intraday high around 0.7440 following the news. The reason could be traced from optimism in Asia-Pacific equity markets over hopes of the US stimulus and the coronavirus (COVID-19) stimulus expectations.