Analysts at ANZ explained that there were few major surprises from the latest G20 communique.
Key Quotes:
“Members committed that “Monetary policies will continue to support economic activity and ensure price stability, consistent with central banks’ mandates, but monetary policy alone cannot lead to balanced growth.”
“Our fiscal strategies aim to support the economy and we will use fiscal policy flexibly to strengthen growth, job creation and confidence, while enhancing resilience and ensuring debt as a share of GDP is on a sustainable path.” It added “We will consult closely on exchange markets”, and reaffirmed that “we will refrain from competitive devaluations and we will not target our exchange rates for competitive purposes.””
(Market News Provided by FXstreet)