10/12 for the Australian Dollar

President Donald Trump completed his Asian tour with news of progress on trade with China. Official White House Photo by Molly Riley.

The Australian dollar is boosted by confirmation of a China-U.S. trade agreement.

U.S. President Donald Trump rated his meeting with China's Xi Jinping a 12 out of 10, telling reporters, "the whole relationship is very, very important,” he said.

Trump said the U.S. would cut a 20% tariff imposed on China due to fentanyl shipments to 10%, because Beijing said it would work to cut supplies.

China would resume soybean purchases and suspend the rare earth licensing regime for a year.

That rare earths deal is important as it pertained to all countries, not just the U.S. The global spin on the restrictions triggered an Australian dollar selloff earlier in Oct