In German chancellor Angela Merkel’s words, the G20 accord issued on Saturday did not even attempt to paper over the differences between the United States and the other 19 G20 members. It explicitly notes the decision of The United States to withdraw from the Paris Climate Treaty while the remaining 19 members reaffirmed their commitment to it. On trade and investment, there are the usual platitudes about commitment to open markets, to fight protectionism including unfair trade practises, etc., but also that G20 ‘recognise the role of legitimate trade defence instruments’. This latter phrase looks to have been at US insistence. EC President Jean Claude Juncker made clear at G20 that the EU would react ‘within a few days’ with counter measures should the U.S. shortly announce tariffs on steel imports. This is one potential ‘risk off’ factor in coming days or weeks and which would not do the AUD any favours were it to occur.

To mark my 1375th issue of Tradernoble Daily Commentary I am offering a special 2 year rate of Euro 2750 for my Platinum Service which includes 1 to 4 updated emails throughout the trading day. This offer is open to both new and existing members and if anyone is interested can you please contact me on for details.

For anyone following my Platinum Service it made 35 points on Friday and is now ahead by 318 points for July, having made 1023 points in June, 1071 in May, 1376 in April, 1335 in March, 1481 in February and 1734 in January. Since I started this New Platinum Service in June 2015 it has averaged a monthly gain of over 1700 points.

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