G20: need for “further dialogue and actions” on trade - UOB

Ross J Burland FXStreet

Analysts at UOB Group explained that in the G20 financial minister's communique, the group recognizes need for “further dialogue and actions” on trade and to stand by their G20 leaders’ Hamburg declaration on trade.

Key Quotes:

"The group reiterated that they will refrain from competitive devaluations, not target foreign exchange for competitive reasons.

It urged for flexible exchange rates, as it can serve as a shock absorber where feasible. In a first for the G20, the group recognized the risks that cryptocurrencies posed and that crypto assets should continue to be monitored by national standard-setting bodies."

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

EUR/USD trims gains, back below 1.1800

EUR/USD now loses some upside momentum, returning to the area below the 1.1800 support as the Greenback manages to regain some composure following the SCOTUS-led pullback earlier in the session.

GBP/USD off highs, recedes to the sub-1.3500 area

Following earlier highs north of 1.3500 the figure, GBP/USD now faces some renewed downside pressure, revisiting the 1.3490 zone as the US Dollar manages to regain some upside impulse in the latter part of the NA session on Friday.

Gold climbs to weekly tops, approaches $5,100/oz

Gold keeps the bid tone well in place at the end of the week, now hitting fresh weekly highs and retargeting the key $5,100 mark per troy ounce. The move higher in the yellow metal comes in response to ongoing geopolitical tensions in the Middle East and modest losses in the US Dollar.