The Australian dollar has continued its slide against a steady US dollar that is hovering near an 11-month peak against a basket of major currencies as China's signal of tolerance of a stronger yuan offset anxiety about the global trade conflict.
Technology and media stocks pushed Wall Street higher on Wednesday and helped the Nasdaq hit a record high, as markets eyed a recovery after being battered by a rapidly escalating China-US trade tensions.
Gold has fallen to a near six-month low and platinum has hit its lowest since February 2016 as a stronger greenback is overwhelmed by safe-haven buying, spurred by fears of a trade war between the world's two top economies.
Oil prices have risen in volatile trade as market participants lower their expectations for how much OPEC might increase production and investors assess the impact of a trade dispute between the United States and China.
Oil prices have fallen more than $US2 a barrel after two of the world's biggest producers indicated they might increase output at next week's OPEC meeting, while US exports were threatened by potential Chinese tariffs on crude oil and refined products.