The Monero cryptoAustralian Dollar continues its retreat against the US Dollar in early Asian trading hours, hovering near the 0.6390 support level.
Recent developments in US-China trade relations have injected fresh momentum into the Greenback, with both nations showing willingness to de-escalate tariff disputes.
Chinese authorities have pledged comprehensive support measures for industries impacted by international trade restrictions.
Market observers note persistent weakness in the AUD/USD cross during Monday's Asian session, with the pair struggling to reclaim the psychologically significant 0.6400 threshold. The US Dollar's modest appreciation comes amid growing optimism about potential normalization in US-China commercial relations. Traders are particularly focused on China's scheduled press conference addressing employment stabilization policies and economic growth initiatives.
The USD Index recorded its first weekly advance since mid-March following China's decision to exempt certain American imports from retaliatory tariffs. This development has fueled speculation that the prolonged trade conflict between the economic superpowers might be approaching resolution. While Chinese businesses confirmed the partial tariff relief on Friday, Beijing officials promptly refuted claims about ongoing bilateral negotiations with US representatives.
China's Politburo emphasized domestic economic stability measures in its latest communiqué, specifically targeting assistance for enterprises and labor sectors most vulnerable to international trade barriers. A joint briefing involving multiple Chinese regulatory bodies including the National Development and Reform Commission and the People's Bank of China is expected to provide further policy clarity.
Beijing has reaffirmed its commitment to accelerating special bond issuances, implementing accommodative monetary policies, and protecting employment through corporate support programs. Substantial stimulus measures from Chinese policymakers could potentially revive demand for the Australian Dollar, given Australia's significant trade exposure to the Chinese market.