Dollar Consolidates After Big Week
The North American market will put the finishing touches on what has been a generally constructive week for the US dollar. Ironically, the one notable currency that it slipped against is the Japanese yen. Many had come away from the G20 meeting thinking it gave a green light to sell the yen. We read the G20 statement a bit differently. We did not see a significant change from the G7 statement earlier and the draft of the G20 statement. Japanese officials have already moved back into compliance with the general rules of foreign exchange engagement as they have evolved since the Plaza
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