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The AUD/USD pair lost 40 pips on Wednesday pressured by the broad-based USD strength and touched its lowest level in three weeks at 0.6740. Although the Greenback preserves its strength ahead of key macroeconomic data releases from the United States (US), the pair seems to be posting modest recovery gains. As of writing, the pair was up 0.2% on the day at 0.6765.

AUD capitalizes on renewed trade optimism

Heightened optimism about the US and China making forwards progress in trade talks in October seems to be providing a boost to trade-sensitive antipodeans such as the Aussie. Earlier today, Chinese Commerce Ministry Spokesman Gao told reporters that the US and China were in close contact to prepare for the high-level talks that will take place in Washington next month. “Sides are preparing for making progress for trade negotiations,” Gao added.

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