Wednesday, October 27, 2010

G-20 Currency Agreement to Agree Collapses Already

So much for the G20's agreement to agree on currencies. South Korea, Indonesia, Columbia, Thailand, Brazil and now Europe and South Africa are all bitching about the strength of their currencies.

Every Man for Himself

Bloomberg says it's ‘Every Man for Himself’ on Currencies After G-20 http://noir.bloomberg.com/apps/news?pid ... jw2WO0Lsd8

Finance chiefs from South Korea to South Africa signaled they may act to slow gains in their currencies, just four days after the Group of 20 vowed to soothe trade tensions in the $4 trillion-a-day foreign-exchange market.

Asian currencies fell to a one-week low after Bank of Korea Governor Kim Choong Soo said today that measures to mitigate capital flows could be “useful.â€