As mentioned before, the details of the deal will be of particular importance so look towards that bit of information next as to how market participants will tie all of this to US-China trade sentiment in the bigger picture.
The news emerges two days before Beijing and Washington are due to sign a partial trade deal, marking an end to almost two years of trade conflict. -China trade deal and the lack of further escalation in the conflict between the United States and Iran.
While portraying the risk-on, the MSCI's broadest index of the Asia-Pacific shares excluding Japan rises 0.75% to 708.66 by the press time of the pre-European session on Monday.
Investors in China are looking ahead to trade and economic growth data due this week, which is expected to shed more light on early signs of economic improvement after the country logged its slowest pace of growth in almost three decades in the third quarter.
Expectations of an upbeat start to the phase-two deal talks between the United States and China, not to forget nearness to the phase-one signing in ceremony, mainly propel the market's risk sentiment off-late.
When President Donald Trump took office in 2017, his administration halted the discussions, feeling they had failed to achieve significant results in tackling unfair Chinese trade practices and reducing America's huge trade deficits with China, the largest with any country.
The agreement reached in December involved China increasing purchases of US agricultural goods in return for reduction of tariffs on its shipments. "There are doubts how comprehensive the deal is, and whether the phase one agreement will be implemented in full by both governments".
The dollar rallied 0.4 per cent to 109.93 yen.
Early Monday, the euro was idling at $US1.1117 ($A1.6107) having edged up from a $US1.1083 ($A1.6058) low on Friday.
The Aussie, which has been hurt by worries about the economic damage of the country's ongoing bushfires, rose to hit a one-week high of US$0.6919 before those gains fizzled, as did the New Zealand dollar's.