Research Team at Investec, suggests that the G20 communique, released after their two day meeting on Friday and Saturday, sent out a message that markets are overly concerned about recent moves and that coordinated action isn’t imminent.
“After reaffirming a ‘no competitive devaluation’ pledge (and adding some new text on consulting closely on FX moves), Japan’s strengthening currency seemed a bigger talking point than the Chinese Yuan. The brightest point for many will have been the continued acknowledgement by the group that monetary policy alone cannot stimulate the global economy, and the G20 seeks an infrastructure push to increase productivity, although no formal plans were announced.”
(Market News Provided by FXstreet)
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