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Risk appetite received a boost after news wires ran headlines pointing to a phone call between Chinese Vice Premier Liu and U.S. Tsy Sec Yellen, who had a "pragmatic, candid and constructive" conversation and agreed to keep communications. While there was little substance in official communique surrounding the call, its general tone was positive, which buoyed market sentiment.

  • The yuan caught a bid in reaction to news about Sino-U.S. talks. USD/CNH bottomed out at CNH6.3755 and trimmed losses, but remained in negative territory.
  • The Antipodeans led gains in G10 FX space, while the yen was the main underperformer. JPY crosses were bought over the Tokyo fix, with another uptick driven by the risk-on impetus provoked by the Liu/Yellen call.
  • The global data docket is fairly thin today, while speeches are due from ECB's Villeroy & de Cos. The Fed are in their policy blackout.