U.S. Treasury Secretary Steven Mnuchin's first G-20 meetings resulted in some of the world's biggest economies being forced to recognize the protectionist stance of the new US administration. Stephen explains what this could mean for the markets.

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Tags:  protectionist stance,  forex language,  competitive devaluations,  trade sanctions,  fair trade,  bullish dollar,  carry trade,  emerging market currencies,  monetary policy divergence,  currency outlook,  wait and see mode,  dovish fed,  rate hike