G20
Somewhat Softer Dollar in Wake of G20 Meeting of Finance Ministers and Central Bank Chiefs
March 20, 2017
The dollar slipped overnight by 0.4% against the New Zealand and Australian dollars, 0.2% relative to the euro and sterling, and 0.1% vis-a-vis the Swiss franc. The dollar is unchanged against the loonie and up 0.2% versus the peso and 0.1% against the yen and yuan. The Japanese and Mexican markets are shut for the […] More
Discussions on a Quiet Day in the Market
March 17, 2017
Fed Chair Yellen and U.S. Treasury Secretary Mnuchin are in Baden-Baden Germany for two days of talks with their Group of Twenty counterparts. Trade and currency manipulation will be center stage. German Chancellor Merkel is in Washington on a visit with U.S. President Trump, who has criticized the size of the German current account deficit […] More
G20 Leaders Made No Change to Currency Policy
September 6, 2016
Leaders from the Group of 20 completed their meetings in Hangzhou, China and released a statement of roughly 7,250 words. Four sentences summarize their common view on exchange rates: We reiterate that excess volatility and disorderly movements in exchange rates can have adverse implications for economic and financial stability. Our relevant authorities will consult closely on […] More
Steady Dollar
July 25, 2016
Group of Twenty finance ministers and central bankers, who met over the weekend in Chengdu, China, released a communique that broke no new ground in currency policy: We reiterate that excess volatility and disorderly movements in exchange rates can have adverse implications for economic and financial stability. We will consult closely on exchange markets. We […] More
Markets Watching G20 Meeting… More Low Inflation News
February 26, 2016
Finance Ministers and central bank chiefs from the Group of Twenty economies began a two-day conference in Shanghai. The Governor of the Peoples Bank of China denied the yuan will be devalued and said other tools are available to support demand in the world’s second biggest economy. Chinese property prices rose 2.5% in January. More […] More
Holiday Closures in the United States and Canada
September 7, 2015
Financial markets today will lack the leadership of North American participation due to Labor Day closures in the United States and Canada. The dollar is mixed, dropping 0.6% against sterling, 0.4% versus the Aussie dollar and 0.1% relative to the euro but advancing 0.4% against the kiwi, 0.3% vis-a-vis the yen, and 0.1% relative to […] More
Global Risk Aversion Ahead of U.S. August Jobs Report
September 4, 2015
Stocks in the Pacific Rim fell 2.2% in Japan and Indonesia, 1.5% in Singapore and South Korea, 0.7% in Hong Kong, 0.5% in New Zealand and 0.2% in China. Stocks in Europe are down 2.4% in Italy, 2.1% in Germany, 2.2% in France, 1.8% in the U.K., 2.0% in Spain, and 1.5% in Switzerland. Today […] More
Large Setback in European Share Prices
April 17, 2015
Markets are hedging against the once-unthinkable possibilities of a Greek debt default or Greece leaving the common European currency area or both, and there is fear that the consequences will not hit Greece alone. Share prices have dropped by 2.2% in Italy, 2.1% in Spain, 1.9% in Germany, 1.4% in France, 1.2% in Greece and […] More
Fresh Concern about Chinese Growth
September 22, 2014
Investor uneasiness that China’s government is not doing enough to promote faster growth were not alleviated by overnight remarks from China’s finance minister, nor from a G20 statement that talked in generalities but not specifics. The preliminary September Chinese purchasing managers index for manufacturing gets released on Tuesday. Group of Twenty finance ministers and central […] More
Canadian Dollar, Australian Dollar and Chinese Yuan Are Weaker
February 21, 2014
The loonie has traded 0.6% lower against its U.S. counterpart ahead of the release of Canadian retail sales later today, which probably did poorly. Canadian consumer prices also arrive. The yuan, off 0.2% today, will post its greatest weekly slide in a few years. Chinese stocks fell 1.0% on concerns about the growth outlook in […] More
