Citing Hans Hendrischke, professor of Chinese Business and Management at the University of Sydney, Bloomberg reported that China could ease its trade restrictions on imports of Australian wine, lobsters and other commodities following earlier reports that Beijing has ended a partial ban on imports of coal from Canberra. 

Additional takeaways

"We don’t know when.”

“Nobody could tell you whether it will start with barley, wine producers or lobsters for Chinese New Year.”

Market reaction

Amid a pause in the US Dollar upside ahead of the US Nonfarm Payrolls data, AUD/USD has picked a fresh bid toward 0.6800, further helped by the upbeat China-Australia trade optimism. The pair is up 0.21% on the day, trading at 0.6765, at the time of writing.