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G-20 dropped the pledge to oppose protectionism, the week starts with some USD weakenss

G-20 was the highlight of the weekend with the focus on if the final statement would express dissatisfaction with the protectionist stance of the US or not. It seems the G-20 ex the US has not found the courage to stand firm by its values as the finance ministers and central bankers gathered in Baden Baden, Germany decided to drop a pledge in the communique that protectionism will be resisted and the global trade is to be kept open.

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  AUD and NZD have faced strong demand as the Monday trading is starting to be more liquid; source: xStation5

That the US wants to curb the openness of global trade and redefine US trade ties is nothing new, and yet we saw some safe haven demand for JPY on Friday and we can  see that the Asian session is likely to end with Nikkei index losing about 0.35%. On the other hand the Chinese stock exchanges (see CHNComp and HKComp on xStation) were able to post some gains of around 0.4-0.5%. It cannot be stated clearly that the new week is starting on a risk off note, especially that the high-yielding Antipodean currencies are seeing more demand right now and the yen is the second worst performing G-10 currency so far after the USD. But Gold is also strongly bid.

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USD weakness is sending various commodities higher, oil and gold are both seeing a swift rebound in the morning; source: xStation5



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