FXStreet (Mumbai) - Risk-on sentiment was the underlying theme in Asia, with markets cheering unexpectedly positive China trade figures. Hence, the risky assets such as the equities, Antipodes, USD etc., were in demand while the safe-havens took a back seat in Asia. Key headlines in Asia Risky assets cheer up China trade figures Japan drives risk-on rally in Asian stocks Dominating themes in Asia – centered on JPY, AUD and NZD The risk conditions seem to have improved this session, with stabilization of the Chinese stock markets on the back of yesterdays reported intervention by the Chinese central bank into the onshore markets to support the yuan. Moreover, the rebound in the Asian stocks combined with surprisingly positive Chinese trade figures, further added to the ongoing risk-on trades and boosted the demand for riskier assets. As a result, markets preferred to take the yield advantage and favoured the riskier/ higher yielding currencies such as the AUD, NZD, GBP and the US dollar. Hence, the AUD/USD pair staged a solid comeback and rallied beyond the hourly 100-SMA to test 0.7050 levels, before retreating slightly to 0.7035, where it now wavers, While the bird also followed suit and jumped to conquer 0.66 handle. However, NZD/USD’s recovery lost pace and the prices turned lower to now trade near 0.6570, up 0.49% so far. On the other hand, the safe-haven assets took a beating amid persisting risk-on moods, with the USD/JPY rallying to 118.30 levels, +0.51% on the day. While the EUR/USD pair dropped sharply towards 1.08 handle and Gold prices trade lower near $ 1084. On the equities space, the Japanese stocks led the rebound in their Asian counterparts. The Nikkei index jumps +2.65% to 17,676. Australia’s S&P/ASX index rallies to 4,991, recording a 1.35% gain into the closing hours. The Chinese equities pare gains, with the Shanghai Composite muted around 3,022 while Shenzhen’s CSI300 index up 0.17%. Hong Kong’s Hang Seng bounces +2.32% to 20,169. Heading into Europe and North America The macro calendar in the session ahead remains absolutely data-light, with the only Euro zone industrial production data to be published during the European hours. While the US calendar holds nothing of note in terms of economic news for the Fx pairs. Industrial production in the euro zone is projected to show a 0.2% drop month-on-month in November, following 0.6% growth reported in October, while growing 1.7% when measured annually, compared to a 1.9% gain recorded a month ago. Apart from the data, ECB Executive Board member Sabine Lautenschlaeger will speak at the Third Austrian Bankers’ Business Lunch organized by the Austrian embassy in Germany. For more information, read our latest forex news.