The Trump administration is planning to issue licenses soon that will allow some American companies to supply nonsensitive goods to Huawei, according to a report by The New York Times.

The move may help cool tensions between the US and China, possibly paving the way for some kind of a trade agreement, although it is worth noting that the two countries have been on the cusp of an agreement before, only to have the arrangement fall apart.

As of now, the news has bolstered the bullish pressure around the AUD and other risk assets. The Huawei news has come minutes after reports of a potential US-China currency pact hit the wires via Bloomberg.