G7 Agenda: Cheap Dollar, Pricey Oil, Tight Credit
Some G7 meetings have come and gone entirely under the radar, but this weekend's meeting of the Group of Seven's (G7) finance ministers is getting lots of attention because of recent market turmoil and the weakening dollar.
Among the topics slated for discussion at the G7 meeting are the current credit crunch, oil prices' new highs, and the soft dollar. CNBC's Steve Liesman is in Washington covering the meeting:
G7 & the US Dollar
Because the weak dollar has added strength to the export markets, Liesman says the G7 meeting will "probably focus...on the Chinese and their need to increase the flexibility of the yuan against the dollar."
G7: The Agenda
Liesman runs down the G7’s agenda: "The credit crunch flaring up again is going to be on the table big time," as will oil's new highs, the soft dollar and sovereign wealth funds.
Credit & the Dollar
"The weak dollar is the primary weakness in the U.S. economy right now," the WSJ's Stephen Moore tells Liesman. "It is precisely the reason that we’re seeing high commodity prices … oil at $90 a barrel is a very bad sign.”