The Australian dollar traded within a tight range for much of Wednesday’s Asian session, with little to drive direction on the economic calendar. However, sentiment quickly shifted later in the day on reports that US Treasury Secretary Steve Mnuchin has invited China to attend trade talks.
Australian employment data, released overnight, also printed better than expected. Headline employment change printed better than expected at +44k vs. and expected +18.0. Unemployment came in at 5.3%m as forecasted.