G20 was the usual flop. Some analysts believe there was a slightly stronger language on FX in the concluding statement, as they stated:
“We will refrain from competitive devaluations, and resist all forms of protectionism.”
“We will carefully calibrate and clearly communicate our actions, especially against the backdrop of major monetary and other policy decisions, to minimize negative spillovers, mitigate uncertainty and promote transparency.”
But the markets shrugged that off - Labour Day in the US has a large chunk of market participants still in bed or on holiday. That's also the reason for no indications today. When a major player is missing, the game is off.
Enjoy this extended weekend and refer to the Weekly Game Plan for focal points.
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