Currencies

Asia wakes to another sunrise that feels both promising and familiar — a blend of optimism and that faint ache of déjà vu. Once again, the U.S. and China seem to have reached “framework harmony,” a phrase traders now treat like an old song they know too well. You hum along because you’ve heard it before, even if you don’t quite believe the ending. A Trump–Xi trade truce might be taking shape, but in trading rooms from Sydney to Singapore, it feels more like cautious déjà vu than a new...