Market Extra: This is the currency rally the G-20 summit could ignite

Traders are once again looking at the Australian dollar, often viewed as a proxy for global growth, ahead of the Group of 20 summit in Buenos Aires this weekend. A positive outcome from what’s expected to be a trade-focussed multilateral getaway could boost the currency.

Even a benign outcome of the summit, where President Donald Trump and Chinese President Xi Jinping are set to meet in an effort to calm trade tensions, could offer the Australian currency AUDUSD, +0.0000% some respite, market participants said.

The Aussie dollar has fallen more than 6% in 2018, reaching its lowest level of the year at $0.7051 in early October, according to Dow Jones Market Data.

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