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Forex Flash: Will the G20 offer clarity or confusion? – UBS

“After this week's G7 hoopla and lingering confusion, markets will be looking to see if the G20 can perhaps offer more clarity. Unfortunately, a larger club has typically been even less likely to produce a consensus, let alone on issues as incendiary as the recent monetary dilemmas.” warns Research Analyst Gareth Berry at UBS.

However, individual countries may try to use the opportunity to target Japan, but with the exception of perhaps South Korea, developing G20 countries at this point don't have a strong enough case to pitch. With the exception of the CNY, exchange rates vs. the JPY are not even at post-crisis lows. “Perhaps officials for now should first wait to see what policies Japan will actually execute, before converging around a unified position.” Berry posits.

Fundamental Morning Wrap: EUR follows GBP lower, with JPY in G20 focus

Looking across the mornings research, we note three distinct themes in the markets eye this morning. EU GDP contraction, GBP decline amid inflation concerns, and Japanese monetary policy coming into focus at the G20.
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Forex: EUR/USD falls further on ECB Constancio words

Investors are pricing bad news for the EUR since early in the European morning, starting with French and Germany worse than expected flash GDP Q4, followed by the ECB monthly report that blames the stronger EUR as a downside risk for inflation, and then the EMU GDP Q4 also pointing to a wider recession than consensus.
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