It feels quiet out there.
Maybe a little too quiet.
There's plenty of G-20 banter about the US/Trump having "won" at the weekend gathering in Germany. In this context, "winning" means successfully getting the "resist all forms of protectionism" language removed from the communique.
Remember, in Trump/Navarro make-believe land, free trade is a bad thing, so telling everyone to "shut the f*ck up while we choke off the flow of global goods and services" counts as a victory. Are you "tired of winning yet"? Don't forget, y/y growth in global trade is already below y/y growth in global output. So things weren't exactly humming along before Trump and Navarro took the reins in Washington.
The meeting had a kind of "unfinished business" feel too it, and that's bleeding over into volumes on Monday. "The greenback extended its recent decline, with the Bloomberg Dollar Spot Index touching its lowest level since November, pressured by investors who kept the latest bearish trend intact," Bloomberg wrote this morning, adding the following color with regard to the above-mentioned G-20 meeting:
A Japanese holiday and a rather uneventful Group-of-20 meeting that left most business unfinis
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