AUD/USD is trying hard to extend the recovery above the 0.69 handle following a brief consolidative stint over the last hours.
The pair hit fresh two-day lows at 0.6885 in early Asia after concerns over the negative impact of the Australian bushfire crisis on the country’s consumer spending gripped the Aussie traders.
The expectations of a weaker Australian Retail Sales report increased following the warnings issued from retailers listed on the ASX, including Mosaic, that sales had seen a "significant" impact from the bushfire crisis.
However, the imminent US-China phase one trade deal signing induced optimism alongside the goodwill gestures from both the sides rescued the AUD bulls. The Aussie derived support from the upsurge in the Chinese yuan and stronger December Chinese Trade report.


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