Obama: US willing to up savings, Germany and China need to up dometic demand

As part of the G20 framework, Obama says the US is willing to raise its savings rate but purely export-driven like China and Germany must improve domestic consumption. How they do that is up to them, he says.

Markets are backing and filling, with risk aversion easing a bit as stocks climb off their lows. With any luck, the worst is over for EUR/JPY, AUD/USD, etc…