“The World Trade Organization (WTO) Chief presented countries with a series of draft trade agreements early on Friday that included pledges on health, food security and urged that they be accepted as a major meeting stretched into its second day of overtime,” said Reuters during early Friday’s Asian session.

The news also adds that the package, which WTO Chief Ngozi Okonjo-Iweala described as "unprecedented", did not currently include two of the most important deals under consideration: fisheries and a partial waiver for intellectual property rights for COVID-19 vaccines.

“However, delegates said they may be added later ahead of a final meeting scheduled for 0100 GMT on Friday,” mentioned Reuters.

Market implications

Following the news, AUD/USD bounced off intraday low to 0.7035 but stayed pressured while the S&P 500 Futures print mild gains around 3,685 at the latest.