Germany one of the biggest currency manipulators, SocGen's Edwards says

SocGen strategist Albert Edwards agreed with the US president when it came to Germany - but not on China - it was indeed one of the biggest currency manipulators on the planet.

"The Donald Administration might be a neo-liberal nightmare, but stripping away some of his more controversial rhetoric on immigration, a lot of what he says on the economic front makes perfect sense to me.

"Germany is one of the biggest currency manipulators in the world. Germany aggressively refutes any criticism, let alone does anything about it (unlike China)," Edwards said in a strategy note sent to clients.

Berlin's continuing intransigence would have "huge" implications for financial markets and the sustainability of the single currency, Edwards added.

"Until the last couple of weeks the markets had embraced only the ‘good’ bits of his campaign rhetoric and only now they are reappraising, among other things, the likelihood of a trade war, with the Administration turning on Germany."

He also agreed with Trump when it came to the difficulty of starting a new business in the States because of excess regulation.

"It is even easier to start a new business in France than it is in the US."