The AUD/USD pair retraces to near 0.6400 during European trading hours on Tuesday from an over four-month high of 0.6450 posted earlier in the day.
The Aussie pair corrects sharply as the US Dollar (USD) gains despite increasing uncertainty over the bilateral trade outlook between the United States (US) and China.
The US Dollar Index (DXY), which tracks the Greenback's value against six major currencies, rebounds to near 99.30 after a steep correction on Monday. Market sentiment is favorable as investors expect the trade war will be limited between the world's two largest powerhouses. S&P 500 futures have posted some gains in the European session, demonstrating an increase in risk appetite of investors.
Financial market participants have become doubtful about whether trade discussions between Washington and Beijing are getting underway.
Beijing has been denying news stating trade discussions between US President Donald Trump and Chinese President Xi Jinping. However, Trump has insisted that Xi has called many times.
Source: FXStreet
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