The dollar slipped against the euro and sterling at the start of the week, drifting to 1.4576 and 1.9528 amid a dearth of US economic data. Meanwhile, the yen continued to benefit from heightened global risk aversion, edging higher against the euro at 154.29 and sterling at 206.78.
The G7 Finance Ministers meeting provided little news for fx traders, reiterating its stance on China to increase currency flexibility but refraining from singling out the dollar’s weakness. Further, the ministers stressed that exchange rates should reflect economic fundamentals and that excess volatility and disorderly movements are undesirable. The communiqué stated they would “closely monitor developments and take appropriate actions, individually and collectively, in order to secure stability and growth” in the economies.
No comments:
Post a Comment