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Forex Trading Update - China came under renewed pressure today by G7 nations to make it's currency more flexible. Source: Bloomberg. Canadian Finance Minister Jim Flaherty yesterday said: ``We need to see more flexibility in the Asian currencies''.
An official said the group will issue a statement later today which repeats exchange rate flexibility in China would be ``desirable.''
G7 Meetings and statements have been closely watched by forex traders since the 1985 Plaza Accord in New York, where ministers of the largest economies called for a weaker dollar, stronger yen and higher deutsche mark. Those words sparked a three-year slide in the U.S. currency, which the group tried to halt in 1987 when they met at the Louvre in Paris.
Click here for the whole article: G7 pressures China to Make Currency More Flexible
It would be interesting to see what happens this weekend. Definitely we will see some moves after the G7 meeting. It will be a fun Monday morning for forex trading.
What's your opinion? A dollar fall and asain currencies rise like the we had in April Or...