Australian Treasurer Frydenberg calls for global economic “controlled hibernation”

Dhwani Mehta FXStreet

During a virtual meeting of Group of 20 (G20) finance ministers and central bank governors late Tuesday, Australia’s Treasurer Josh Frydenberg said, "first, our priority should be putting the global economy into controlled hibernation while quarantine measures are in place," as cited by the Australian Broadcasting Corporation.

Additional quotes

"That is -- finance the global health response, maintain financial stability, minimise job losses, keep businesses going, and ensure the basic needs of the global population are met.”

"This includes committing to a G20 fiscal support target, to encourage all economies to act urgently, and send a clear signal to citizens that the G20 is doing whatever it takes."

AUD/USD implications

The Aussie dollar remains pressured amid mixed market sentiment, although the downside appears cushioned by a big beat on the Chinese Caixin Manufacturing PMI data and less dovish RBA minutes.

At the time of writing, AUD/USD trades 0.10% lower at 0.6125.

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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