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| Posted by: Paul Donovan | Tags: Paul Donovan

  • Prime Minister Abe of Japan is apparently going to suggest to US President Trump that multilateral negotiations like the G7 or the G20 are the basis for currency discussions. This seems unlikely to be well received. "Multilateral negotiations" takes up too many characters on Twitter.
  • The focus on currencies does add some interest to today's German trade data as Germany has been specifically targeted. Most German trade is with the rest of the euro area of course, but the numbers are likely to be more in focus.
  • Just when you thought it was safe to go back into the Mediterranean, Greece is back as an issue. The IMF/EU disagreements over Greek debt have been building for a few days, and yesterday the German finance minister emphatically ruled out any Greek debt reduction.
  • Bullard of the Fed is speaking today. There is a debate at the Fed over whether the burden of future tightening should fall exclusively on monetary policy or whether quantitative policy should play a larger role than it does. Bullard is part of that discussion, so the comments today may be useful.