Australia reaches an agreement with China to settle dispute over barley

Australia's Foreign Minister Penny Wong said on Tuesday, "We reached an agreement with China to settle the dispute over Australian barley.”

“China agreed to review the duties levied on Australian barley,” Wong added.

Market reaction

With Australia announcing suspension of its World Trade Organization (WTO) dispute against China on barley, AUD/USD is picking up fresh bids toward 0.6700. The pair is trading at 0.6667, up 0.44% on the day.