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Forex Flash: US markets to put finishing touch on constructive week for USD - BBH

Brown Brothers Harriman analysts suspect that the North American market will put the finishing touches on what has been a generally constructive week for the US dollar.

They note however that ironically, the one notable currency that it slipped against is the Japanese yen. They feel that many had come away from the G20 meeting thinking it gave a green light to sell the yen but they read the G20 statement a bit differently. They write, “We did not see a significant change from the G7 statement earlier and from 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 and Louvre Agreements by refraining from offering bilateral targets. Under the rules, countries are indeed allowed to use monetary and fiscal policy to pursue domestic goals.”

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