Deese was blunt earlier, saying he does not anticipate the need for a global accord to adjust currency values.
Deese referring to the ‘Plaza Accrod’ that drove the USD lower in the back half of the 1980s (the agreement was reached on September 22 1985).
“I don’t anticipate that that’s where we’re headed,” Deese said at an event at the Economic Club of Washington, DC when asked whether there was any possibility of a global agreement to adjust currency values, as was reached in 1985.
Deese’s rejection of a new version of the Plaza Accord, as the 1985 deal was known, came hours after Treasury Secretary Janet Yellen suggested there was little cause for concern with current moves in financial markets.
The USD has traded more strongly again in Asia today.
European Union nations are struggling to reach an accord on imposing a price cap on Russian oil and will likely push back a deal on the issue until after a broader sanctions package has been agreed, the report says.
You have to wonder if this leaked on Friday. In any case, oil isn’t reacting to this but WTI crude oil remains at $78.37.
The report doesn’t indicate the push is dead and a ban on Russian crude in Europe is already agreed for December 3.
The European Commission met with member states over the weekend to try to find a compromise on the package of restrictive measures, according to the people. Countries may push to have a preliminary deal ahead of an informal gathering of EU leaders in Prague on Oct 6.
I have to imagine that Hungary is one of the countries that’s proving tough to convince.