Frameworks, benchmarks, generalities and hypothetical’s without specifics and enforcement seemed to sum up the G20 meeting over the weekend but that description can usually be applied to any G meeting. Avoiding ‘competitive devaluations’ on the part of US trading partners just give a green light to another move lower in the US$ as everyone there knew the elephant in the room was Federal Reserve policy in terms of its FX impact and no one other than the German economic Minister challenged it. He said “it’s the wrong policy way to try to prevent or solve problems by adding more liquidity. Excessive, permanent money creation in my opinion is an indirect manipulation of an exchange rate.” Also helping the reflation trade was a 2.6% rally in the Shanghai index to a fresh 6 month high and copper is following to the highest since July ’08.