The EU plans to intervene in markets directly to curb rising energy costs, threatening to push the Euro area's economy into a deep recession.
Weekend events recap: battle between free traders and protectionists
2019-11-11 • Updated
G-20 statement: reading between the lines
The US administration has prevailed over the objections of many countries.
The highly-anticipated event – G20 meeting of financial ministers and central bank governors – ended on Saturday with a historically unusual outcome. The group set aside its all-time favorite pledge to avoid all form protectionism and signed up to a non-committal “we are working to strengthen the contribution of trade to our economies” implicitly highlighting the need of protectionism.
In addition, the group members had to commit themselves to refrain from competitive devaluations of their national currencies and not to target their exchange rate for competitive purpose.
We bet you managed to hit a likeness of the tone of the statement with the US Administration goals and recent Donald Trump’s accusation. Since the very inauguration of Mr. Trump, it has been said that the new administration will be closely looking into the possibility of a border adjustment tax to raise budget revenue thereby offsetting the planned tax cuts for US entrepreneurs and higher outlays on infrastructure.
German Chancellor Angela Merkel – US President Donald Trump clashes on trade
The meeting highlighted the Merkel-Trump divides on trade policy and personality.
Trump repeated his criticism of German, having said that the country is involved in some sort of currency manipulations.
Angela Merkel tried to convince Donald Trump that protectionist trade policies would hurt the economic activities of both countries.
Conflict of personalities
US Treasury Secretary Steven Mnuchin met with his German counterpart in Berlin and identified the cause of Trump-Merkel controversies. The thing is that “Donald Trump is a disrupter and she is a preserver.” Angela Merkel want to preserve the EU integrity, she wants to maintain NATO. She is wary of Mr. Putin. And Trump is every one of these it different.
A hairy moment from the conference
Merkel found a like-minded fellow in the person of Abe
German Chancellor Angela Merkel and Japanese Prime Minister Shinzo Abe ranged themselves against the US protectionist threats having said that global markets can be both open and fair. They started discussing a free trade accord between Japan and the EU as a way to convince other nations in benefits of an interconnected global economy (free trade, open markets, and investments).
US oil exports reached a record last week at five million barrels a day, according to Energy Information Administration data…
The past two years have seen the biggest swings in oil prices in 14 years, which have baffled markets, investors, and traders due to geopolitical tensions and the shift towards clean energy.
For those who may be unfamiliar with Price Action trading, the horizontal arrows represent areas where the market structure was broken. As you can see in the scenario above, price broke below the previous low at the two marked instances
Let's start off with a look at the Daily timeframe on Bitcoin. We currently see price reacting to the rally-base-rally demand zone between the 15,600 - 14,300 price area. Price also seems to have found support off the trendline support as marked in the image above. Interestingly, this means the overall bias on BTCUSD is Bullish.
Central Bank Digital Currencies (CBDCs) are virtual national money. The idea of creating such currencies came to the authorities after the success of cryptocurrencies, which also exist only in digital form.