Special Coverage

G7 Meeting Review

Mon, Oct 22 2007, 07:15 GMT
by Marina Schiaffino

FXstreet.com


G7The 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'.

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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

Published on  Mon, Oct 22 2007, 09:15 GMT

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