Canada’s near two-year-long attempt to boost exports through a weaker currency so far has proved futile.
In an epic late-night talk show appearance, Greek Finance Minister Yanis Varoufakis said his government was nearing a cash-for-reforms deal with its euro zone partners and the International Monetary Fund that would help it meet debt repayments next month.
Euro zone finance deputies are due to hold talks today on how to rescue Greece but appear to have little concrete to work on with Athens yet to produce a new economic reform programme after the first one was declared full of holes.
Currency concerns in the central banking world have come to the fore again.
Sweden cut interest rates further into negative territory out of the blue last week, fearing its strong currency will engender deflation. The Swiss National Bank said it would aim to weaken what it sees as a “significantly overvalued” franc. And the Bank of England flagged the risk that sterling could strengthen further and leave inflation below target for longer.
After European Central Bank chief Mario Draghi managed to bring his colleagues into line to sign up to his 1 trillion euros or so target to push into the ailing euro zone economy, today sees a raft of third quarter GDP reports which are likely to show just why more help may be needed.
(Updates with guest photos and new links).
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A healthy dose of fear has re-entered financial markets in the final three months of the year. The Chicago Board Options Exchange VIX, a widely tracked measure of market volatility, rose to a two-month high on Wednesday.