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The G-20 draft communique pledges to refrain from competitive devaluation and says the group is...

The 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.
Comments (5)
  • Interesting Times
    , contributor
    Comments (10794) | Send Message
     
    Really, I say Lets have one big GROUP HUG !!

     

    Do they really think we will believe this junk they are throwing out?

     

    It's a race to the bottom folks..
    14 Feb 2013, 12:03 PM Reply Like
  • mickmars
    , contributor
    Comments (1323) | Send Message
     
    So, no competitive devaluation. Just sustained, harmonized, devaluation....
    14 Feb 2013, 12:16 PM Reply Like
  • schatzl
    , contributor
    Comments (391) | Send Message
     
    Exactly. Politicians saying/promising one thing, yet doing the other. What a surprise.

     

    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).
    14 Feb 2013, 12:28 PM Reply Like
  • Kyle Spencer
    , contributor
    Comments (1033) | Send Message
     
    I note that the G-7 chose to see Abe's tactics as battling deflation rather than as competitive devaluation. Translation: "By all means, proceed, Abe."
    14 Feb 2013, 04:28 PM Reply Like
  • Datodo123
    , contributor
    Comment (1) | Send Message
     
    What do you reckon the Yen will getting stronger or weaker in the next couple of weeks ?
    15 Feb 2013, 04:22 AM Reply Like
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