G20 says nothing about FX

•     Dollar lower as gold rises

–    US retail sales send USD up temporarily, but stronger-than-expected support for gold referendum send gold higher, dollar lower

–    Dollar also hurt by falling US yields as inflation outlook moderates

–    USD lower against all G10 currencies this morning

•     G20 says nothing about FX

–    Pledges to increase growth, but makes no concrete proposals

•     Japan Q3 GDP -1.6% qoq SAAR

–    Market had been expecting a rise after plunge in Q2 due to hike in sales tax

–    It’s more likely that Abe will call an election, delay hiking tax again = JPY-negative

•     Today:

–    Eurozone: trade balance for September

–    US: Empire State manufacturing PMI expected to rise

•     This week:

–    Eurozone: ZEW survey on Tuesday

–    US: FOMC minutes on Wednesday

–    Thursday is Global PMI day