The lack of any comments in support of the USD from the G7 initially drove EUR/USD higher overnight. The EUR, however, has failed to hold its best levels. The fact that the G7 failed to take the initiative with respect to the USD should not really surprise anyone. Not only is there talk that the G7 is becoming sidelined by the weightier G-20, but G7 communiqués tend to focus very little on currency market specifics. The G7’s remarks that “disorderly” swings in currencies markets could be harmful are in tune with its usual rhetoric. Comments from various officials this morning suggest that very little has changed from Friday and the relative strength of some currencies remains a pertinent political topic. Full text »
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