G20 finance ministers wound up their meeting in China by stating that all necessary monetary, fiscal and structural measures would be deployed to stimulate growth. In contrast to the ECB, which said last week that it wanted to wait before taking action further to Brexit, G20 ministers appear to be disposed to act pre-emptively. Such action may even need to come sooner rather than later, as U.K. PMI data slipped into negative territory on Friday, driving the GBP down to a weekly low against the USD.
No news of particular importance is on tap this morning. A minor confidence index is scheduled in Canada and the Dallas Fed Manufacturing Activity Index will be announced south of the border. That makes today a great opportunity to readjust your orders on the market in anticipation of the Fed’s decision this Wednesday and that of the Bank of Japan on Friday.
- Range of the day: 1.3025 – 1.3125
Have a great week!
Xavier Villemaire