Breaking: WSJ reports US considers lifting China tariffs, AUD/USD surges above 0.72

In a recently published report, The Wall Street Journal claimed that U.S. officials were debating the option to lift tariffs on Chinese imports with an aim to calm the markets and "give Beijing an incentive to make deeper concessions in a trade battle that has rattled global economies."

With the initial market reaction, trade-sensitive currencies AUD and NZD both gained around 100 pips against the USD. As of writing, the AUD/USD was trading at 0.7220, adding 0.75% on a daily basis.