The Group of Twenty Finance Ministers and Central Bank Governors (also known as the G-20, G20, and Group of Twenty) is a group of finance ministers and central bank governors from 20 major economies.
The G7 (also known as the G-7) is an international finance group consisting of the finance ministers from seven industrialized nations: the US, UK, France, Germany, Italy, Canada, and Japan.
The G7 has already met this week – and hopes to present a unified message to the smaller contributing countries of the G20 set to meet here on Friday and Saturday – ie………..”let’s not pull another Chavez (Venezuelan Pres. who just devalued their currency by 32% last week… and practically overnight) and leave us to do the devaluing on our own”.
Japan is clearly in the doghouse (as seen kicking ass in the current currency war) and it will be more than interesting to see what comes out of it all. At this point the currency war is really heating up – and the markets are more or less at a stand still…frozen like a deer in the headlights.
Frankly – standing clear of it is about the best advice I can give – as volatility is up and direction is unclear.
The USD weakness is right on track as suggested – but thus far, the waters are choppy to say the least. Unfortunately for tonight and likely tomorrow – no trade may very well be the best trade.