The currency market review on the background of new wave in the China-U.S. trade

On Tuesday Donald Trump said he had the "very good" dialogue with Chinese administration and insisted talks between the world's two largest economies had not collapsed. 

Amid the favorable developments in the trade war, Chinese yuan was a shade firmer at 6.9028 per dollar in offshore trade, having edged away from a five-month trough of 6.9200 sets on Tuesday.

The dollar was steady at 109.650 yen, having pulled away from its three-month low of 109.020 plumbed on Monday when trade war worries boosted investor demand for the safe-haven Japanese currency.

The euro unchanged at $1.1207  On the previous day after Italy's deputy prime minister said the country is ready to break European Union budget rules on debt levels if necessary to spur employment, the common currency had dipped nearly 0.2%. The dollar index against the 6 major currencies was nearly flat at 97.524 after gaining 0.2% on the day before.

The Australian dollar brushed a 4-1/2-month low of $0.6922 as a result of Wednesday's data showed domestic wage growth stalling in the first quarter, adding to the case for an interest rate cut.

In commodities, after the American Petroleum Institute (API) reported a bigger-than-expected build in crude oil inventory, U.S. crude futures fall on 0.76% at $61.31 per barrel. U.S. crude inventories rose by 8.6 million barrels in the week to May 10 to 477.8 million, compared with analysts' expectations for a decrease of 800,000 barrels.

Brent crude dropped 0.45% to $70.92 per barrel.