The International Monetary Fund mission left Argentina last weekend. The official statement published on Friday by the Washington-based organization suggests that an agreement between the two parties is still distant. In its very particular language, it states that guidelines for a program were discussed, a clearly ciphered message indicating that the substance of an agreement is not near.… Read the rest
- The renminbi posted its largest quarterly gain against the US dollar in 12 years, but on a trade-weighted basis, recent renminbi gains are less remarkable.
- The phase one trade deal appears safe for now, and market participants appear unconcerned by US-China tensions on other issues.
Markets bereft of key macro data releases and policy events in recent days will be turning their attention tomorrow to the European Central Bank’s policy meeting.
The consensus forecast, which we share, is that the ECB will leave its policy rates, including its deposit rate (-0.50%), and the modalities of its PEPP and APP unchanged.… Read the rest