Muted Reaction To Biden Xi Call

Most of the reaction to the previously outlined Biden-Xi phone call has come in the FX space, although broader ranges remain limited. USD/CNH has pierced Thursday's low on the headlines, while the likes of the AUD & NZD have lodged the most marginal of upticks vs. the greenback on the news. E-Minis and T-Notes have looked through the headline flow, with little in the way of outright positive progress in Sino-U.S. relations observed in the comments that crossed the wires (although the prospect of continued President to President dialect does pave the way for improved communique). The major Chinese equity indices were already trading higher ahead of the news flow.