As if there was not enough mess in Washington, with the latest budget battles, plus all the usual wrangling, our capital will host one more event on Friday. The Group of 20 finance ministers meet there for a conference to discuss the latest global developments. It will be interesting to see what they have to say about “progress” achieved since the meeting in Pittsburgh in 2009, when they agreed to “rebalancing of global demand”. That means that countries like China were supposed to boost consumer spending and import more goods, while the USA was expected to reduce its trade deficit by exporting more. We know that changes in those areas have been at best symbolic, if any, but it will be interesting to read the official version.
The conference might produce announcements throughout the day which could an impact on currencies, although it should not be anything major. As a matter of fact Asian trading session, just getting under way, could me more eventful....
