Sources: There is a major push to get deal done and Phase One deal text is being finalized - WSJ

Lingling Wei, a China-born, US-trained journalist writing about China's political economy for the Wall Street Journal (WSJ), tweeted out on Wednesday, “it's often designed that way -- things happen when few are paying attention. Sources told me that there is a major push to get a deal done and both sides are finalizing the text of a Phase One agreement now. Let's see if they can make it to the finishing line.”

Lingling’s tweet came in response to  Hu Xijin, the Editor-in-chief of Chinese and English editions of the Global Times, overnight tweet that cited: “Latest phone conversation between Chinese and US top trade negotiators attracted little public attention in China. People have been numb to news of trade talks. I was asked a lot whether China and the US can reach a deal in the past. Now few ask. They ask me about Hong Kong.”

The risk sentiment remains buoyed amid US-China trade deal hopes, especially after US President said on Tuesday that the US is in final throes on reaching trade deal with China.

Across the fx space, USD/JPY holds minor bids near two-week tops of 109.19 while the Aussie is moving further away from the 0.68 handle after Westpac raised its dovish expectations for the RBA. RBA likely to cut the cash rate to 0.25% by June 2020 – Westpac

Meanwhile, the related markets are seen trading with modest gains, awaiting fresh clues on the trade deal.