DON’T WORRY, IT’S ALL GOING TO BE ALRIGHT. Early comments from the G20 are indeed nice and upbeat, giving me a nice warm fuzzy feeling. President Obama is confident G20 will reflect enormous consensus on the need to deal with the problems. Meanwhile Gordon Brown is hyper-enthusiastic, the UK Prime Minister opining that the assembled officials are within a few hours of aggreeing a global plan for economic recovery.
The USD and JPY are seeing some weakness in the wake of the comments as risk sentiment gets a little lift. EUR/USD has advanced to 1.3230 at writing, while USD/JPY is up about 20 odd points at 99.05.
