We’ve yet to hear details but Dow Jones reports that the G7 will agree on a pact on forex stability, according to Geithner and Japan’s Kan.
Also crossing the wires is news that the US sovereign debt rating has been affirmed by Fitch, with a stable outlook. The stable outlook part is important, as it signals no downgrade is being considered.
If steps are not taken to cut the budget deficit by the second-half of the decade, the US could see pressure on the rating. Near-term risk is minimal, owing to the dollars predominant role as the reserve currency, Fitch says.
We’re also hearing that the BIS is selling EUR/USD in the 1.4520s this morning.
