Will G7 Statement Prop Up the U.S. Dollar? April 18/08
Forexmentor.com Forex Trading Price Action
Currency traders are scratching their heads over last weekend’s G7 meeting, wherein the finance ministers and central bank governors hinted at the possibility of intervening to prop up the U.S. dollar. This is their first change of heart in four years.
They expressed concern over currency fluctuations and the possible effects on economic and financial stability. They appear to be losing faith that the markets will rescue the dollar. It was back in 2004 that they banded together to prop up the euro. Could it be that the G7 is prepared to buy U.S. dollars to arrest the currency’s slide? Only time will tell.
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