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Yuan soars, Yen drops on US-China goodwill gestures; US CPI next on tap
The risk-on sentiment extended into Asia this Tuesday after the US Treasury retracted its decision in August to designate China as a currency manipulator. Further, an imminent US-China phase one trade deal signing on Wednesday amid signs of goodwill gestures for both sides buoyed the market mood. The Asian equity markets reached seven-month highs amid risk-on trades at the expense of the safe-havens such as gold and the Japanese yen. The anti-risk yen fell to eight-month lows of 110.21 vs. its American rival in early trades. USD/JPY eased-off highs but traded above the 110 handle towards Asia closing. The Antipodeans ... (full story)