"Shared Growth Beyond Crisis" was the motto at the recently concluded G20 summit in Seoul as leaders met to structure a framework to address global trade imbalances, a key determinant of exchange rate levels.
During the week, fresh optimism surfaced after US trade deficit narrowed by 5% to US$44bil in September as exports rose by 0.3% while imports were down by 1.0%. Consumer credit rose by US$2.1bil, reversing the previous decline of US$4.9bil. In October, non-farm payroll employment rebounded by 151,000 and private payroll rose by 159,000. Improving sentiments on the US economy lifted the US dollar index by 2.40% to 78.38 as of Friday at 2pm.
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