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  • Stock benchmarks and AUD/USD soar in weekend trading on news of halt in US-China tariffs
  • US-Mexico-Canada trade agreement signed, in addition to commitment towards WTO reform
  • US supply management data, RBA OCR decision, and Australian 3Q GDP in focus next

The Australian Dollar strengthened against the US Dollar in weekend trading following developments from the G-20 Summit in Argentina. Most notably, Chinese President Xi Jinping and US President Donald Trump agreed to halt tariffs after January 1st, in addition to committing to step up talks on cancelling all tariffs.

AUD/USD Chart (Hourly)

Equities, AUD Set to Gap Higher On US-China Trade Truce at G-20

Equities similarly reacted to the news, cheering on the temporary ceasefire as S&P 500 futures jumped 0.510% and Dow Jones futures rose 0.583% in after-hours trading. Asia Pacific markets are set to gap higher ahead of Monday’s trading session, possibly boding ill for anti-risk units such as Japanese Yen and Swiss Franc.

Nikkei 225 Futures Chart (Hourly)

Equities, AUD Set to Gap Higher On US-China Trade Truce at G-20

In addition to the ceasefire in the US-China trade war, leaders of the world’s largest economies discussed World Trade Organization reform, stating that the structure is “falling short of its objectives and [that] there is room for improvement”. President Trump, along with Canadian Prime Minister Justin Trudeau and Mexican President Enrique Pena Nieto, signed the new U.S. Mexico Canada Agreement, replacing NAFTA.

Looking ahead, a packed docket of economic data will continue to influence markets and the Australian Dollar this week this week. November’s US ISM manufacturing and employment data is due later on Monday, in addition to the RBA’s cash rate target and Australian 3Q GDP figures.

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--- Written by Megha Torpunuri, DailyFX Research Team