G7 Tries for Calm, Pound Sags
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The G7 nations published a statement avowing their commitment to "market-determined" exchange rates and a U.S. official backed Japan's anti-deflation efforts, sending the yen lower and the euro higher. [CNBC]
A Japanese official said the Japan's policies appropriately support its own economy and markets should set exchange rates, and the yen fell. [CNBC]
The World Bank's new chief economist urged G20 leaders to better coordinate economic policies in order to head off a possible currency war. [CNBC]
Switzerland will keep its floor of 1.20 Swiss francs per euro in place for as long as needed, the Swiss National Bank chief said, and the Swiss franc rose. [WSJ]
British inflation was unchanged, as expected, and the British pound fell. [dailyfx.com]
Disappointing jobs and housing reports that fueled worries about a slowdown continued to weigh on the Canadian dollar. [financialpost.com]
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