G7 say they will cooperate as appropriate

Author: Mike Paterson | Category: News

Japan's MOF delivering a G7 communique as this year's host nation 24 June 2016

  • will consult closely on market movements and stability
  • central banks have taken steps to ensure liquidity
  • excessive volatility in fx can have bad economic effects

Elsewhere IMF boss Lagarde now joining the ever growing list of vox pops queuing up to deliver soothing tones:

  • backs BOE,ECB commitment to provide Brexit liquidity
  • IMF stands by to help member nations where possible

I repeat my view that I believe direct FX intervention to not be on the CB menu. None of them will be concerned about a falling ccy but they will want money-market operations to continue smoothly and that's where they will focus their attention.

Come on CBs. Prove me wrong, then we can all have some fun.

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