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The G-20 draft communique pledges to refrain from competitive devaluation and says the group is...
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Thursday, February 14, 10:06 AM ETThe G-20 draft communique pledges to refrain from competitive devaluation and says the group is committed to cutting global imbalances and avoiding foreign-exchange rate misalignment. The yen (FXY +0.3%) remains stronger on the session, the euro (FXE -0.8%) significantly weaker.
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Do they really think we will believe this junk they are throwing out?
It's a race to the bottom folks..
Setting inflationary targets is an aggressive from of currency depreciation. Case in point is the significant Yen movement. Yet we get to hear: "well that's fine and legitimate and has nothing to do with exchange rate manipulation". Someone needs to tell these economic illiterates, that exchange rates are strongly correlated to inflation (and real interest rates).