Tuesday, February 12, 2013

G7 moves to play down fears of currency war.

G7 finance ministers and central bank governors have issued a joint statement reaffirming their "longstanding commitment to market-determined exchange rates and to consult closely in regard to actions in foreign-exchange markets." The statement is seen as an attempt to defuse growing fears about a global currency war, although Joe Wiesenthal reckons it's fairly weak and "has no big implications at all."