NEWS / Foreign Exchange

G7 Meeting Review

The joined statement itself did not add anything new to what we had read previously, only that the Europeans joined the US in their call to China to allow their currency to strengthen. So, after all taht was said and done, unfortunately, we did not have any mention to the current USD weakness (or EUR strength), other than that of the IMF Director Rodrigo Rato, stating that the 'USD is overvalued mid-term'.

[ Read full Tony Juste's article ]

• ?· Review the opinion of our experts at the Analyst Comments.
  
  

In-Depth Analysis

• ?· Overnight Briefing: Far East Timezone - World economy sound but China must move on yuan-G7 by Jyske Bank
• ?· Daily Market Commentary - The dollar fell further after the G7 finance ministers by Global Forex Trading
• ?· Asia Market Update - G7 Finance Ministers Fail To Mention Weak USD by Trade The News
• ?· Daily Forex Outlook - G7 fails to address the weak Dollar, instead concerned with the Yuan by Easy Forex
• ?· Daily Market Overview - After G7 by Trader College
• ?· Forex Weekly Review and Outlook - Dollar Weakness and Yen Strength Expected to Continue after G7 by ActionForex.com
• ?· Weekly Focus - G7 will not try to stabilise USD by Danske Bank A/S
  
  

Related News

• ?· G7/IMF/WORLD BANK MEETINGS At-a-glance guide to the main points (Thomson Financial News)
• ?· G7 Statement Urges China To Pick Up Pace Of Forex Reform (Dow Jones)
• ?· Lagarde: G7 View On Yuan To Allay Tension On Euro (Dow Jones)
• ?· G7 Wants Faster Yuan Rise, Pledges To Stay Open To Trade (Dow Jones)
• ?· Steinbrueck says market turbulence to continue for some time (Thomson Financial News)
• ?· BoF's Noyer says credit crisis has not yet had major economic impact (Thomson Financial News)
• ?· Juncker says euro zone monitoring exchange rates closely UPDATE (Thomson Financial News)
• ?· France Fin Min:G7 Statement On China Marks Significant Shift (Dow Jones)
  
  

Analysts' Comments

• ?· Michael Woolfolk, senior currency strategist at The Bank of New York Mellon:
  "The G7's statement effectively gives a green light to continue selling the dollar." - Reuters
• ?· Geoffrey Yu, currency analyst at UBS:
  "The G7 in effect gave a green light to further weakness in the US dollar by not referring to the currency in their communique." - Thomson Financial News
• ?· Mitul Kotecha, currency strategist at Calyon:
  "Following a week in which disappointing US bank earnings news and soft economic data led markets to increase speculation that the Fed will cut interest rates at the end of the month, the news this week is not likely to get any better." - Thomson Financial News
• ?· Akio Shimizu, senior dealer at Mitsubishi UFJ Trust & Banking:
  "Now that the G7 is over, players will once again concentrate on U.S. economic indicators to assess the Fed's next monetary policy move." - The Associated Press