G20 to debate reform
US Treasury Secretary Geithner has claimed the G20 needs to make a coordinated effort to help lift countries out of recession, with a long way still to go for many nations. Many major economies are in the midst of reforming the financial sector and Geithner emphasised the fact that for the reform to be successful, nations must cooperate effectively. G20 leaders are due to meet in London this weekend to lay the framework for banking industry standards.
US economic sentiment has improved in recent days, as new factory orders rose 1.1% in the last month. The FOMC minutes revealed little to surprise markets yesterday, though the Fed reiterated concerns about the declining labour market. Initial jobless claims are released later in the day with the official unemployment rate due tomorrow.
Currency transfer rates for the US dollar are currently trading at EUR0.6992 and GBP0.6170, while also declining against its major European currency partners.
The rates quoted above are interbank rates. Client rates may vary according to the volume and timing of the trade.