Australian Treasurer Frydenberg calls for global economic "controlled hibernation"
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Australian Treasurer Frydenberg calls for global economic “controlled hibernation”

During a virtual meeting of Group of 20 (G20) finance ministers and central bank governors late Tuesday, Australia’s Treasurer Josh Frydenberg said, “first, our priority should be putting the global economy into controlled hibernation while quarantine measures are in place,” as cited by the Australian Broadcasting Corporation.

Additional quotes

“That is — finance the global health response, maintain financial stability, minimise job losses, keep businesses going, and ensure the basic needs of the global population are met.”

“This includes committing to a G20 fiscal support target, to encourage all economies to act urgently, and send a clear signal to citizens that the G20 is doing whatever it takes.”

AUD/USD implications

The Aussie dollar remains pressured amid mixed market sentiment, although the downside appears cushioned by a big beat on the Chinese Caixin Manufacturing PMI data and less dovish RBA minutes.

At the time of writing, AUD/USD trades 0.10% lower at 0.6125.

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