USD and the Australian dollar are the biggest beneficiaries in G10 from a de-escalation in US-China trade tensions, ING's FX analysts Francesco Pesole and Chris Turner note.
News on the US-China deal may not derail easing plans
"With the USD having to face the reality of the economic damage already dealt, AUD/USD may find some support in the coming weeks."
"Domestically, the deceleration in first-quarter core inflation means the Reserve Bank of Australia can deliver a widely expected 25bp rate cut on 20 May. The news on the US-China deal should not derail easing plans for now, but probably argues that market pricing for four cuts by year-end is a bit too aggressive."
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