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Strategies & Market Trends : Booms, Busts, and Recoveries

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From: Haim R. Branisteanu	2/6/2010 2:10:37 PM
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G-7 Agrees No Need To Change Forex Assessment IQALUIT, Nunavut (Dow Jones)--Group of Seven nation financial officials on Saturday agreed to leave unchanged their assessment of world currency markets, according to Eurogroup Chairman Jean-Claude Juncker. "We have agreed there is no reason to change what we have said regarding exchange rates over the past months," Juncker said. He added that the G-7's statement on currencies in its Oct. 3 communique, released in Istanbul, remains valid. Eurogroup is the group of euro-zone finance ministers. Juncker also said European finance delegations stressed at the Iqaluit G-7 meeting the extent to which Greece's debt crisis is affecting the euro zone. "We as representatives of Europe have made clear to all that the Greek situation is serious," he said. He added that problem "will be solved" and that Greece has "taken a number of steps in the right direction." The G-7 communique from Istanbul said, "We continue to monitor exchange markets closely, and cooperate as appropriate." "We welcome China's continued commitment to move to a more flexible exchange rate, which should lead to continued appreciation of the Renminbi in effective terms and help promote more balanced growth in China and in the world economy," it said, referring to China's currency. -By Andrea Thomas, Dow Jones Newswires; 867-222-2024; andrea.thomas@dowjones.com

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