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G20 Finance Leaders Meet in Germany; Trump Hosts Merkel in Washington

Published March 17, 2017
  • The US dollar has recouped some of its losses brought on by the dovish interest rate hike by the FOMC on Wednesday
  • The US Dollar Index moved above 100.00 while the greenback made gains over the loonie
  • Canadian Manufacturing Sales grew by 0.6% month on month; the market awaits US data on industrial production and capacity utilization at 9:15 AM EST this morning
  • G20 finance ministers and central bank leaders met in Baden-Baden, Germany this morning to start a two-day meeting; US Treasury Secretary Steven Mnuchin is likely to exert pressure on China, Japan, Germany and other G20 countries not to manipulate their currencies for trade gains
  • A draft statement of their meeting showed that the group of global financial leaders differ on trade and protectionism stances; the draft reiterated that monetary policy from central banks can not bring balanced global growth on its own
  • US President Donald Trump will host German Chancellor Angela Merkel in Washington DC today for a first-time meeting; the pair will hold a joint press conference at 1:20 PM EST and are likely to discuss trade deals, border taxes and NATO
  • Oil moved higher this morning, on track to mark its first weekly gain this month; investors look to the Baker Hughes rig count to see if US drilling activity will increase for the ninth week in a row
  • A Reuters poll showed that OPEC will have to extend their oil cut deal beyond June 2017 if they aim to make a sustained recovery in prices; several OPEC energy ministers have hinted that the group will decide in May whether to extend