EUR runs higher after G7 and SNB Jordan comments

3

The EUR moved higher edging past 1.3450 after a G7 statement was released reiterating opposition tcurrency manipulation.  The G7 reaffirmed their commitment to “market determined” exchange rates.  Fiscal and monetary policies will remain oriented towards meeting respective domestic objectives and not targeting exchange rates according to the statement.EURUSD Moving Higher on Various Comments February 12 2013

Update: A G-7 Official “Clarifies” the Statement, sending EUR/USD and USD/JPY lower

Right after this statement was released, SNB’s Jordan stated that appropriate measures have been taken regarding the EUR/CHF peg.

EUR jumped to a high of 1.3465 before easing back below 1.3450.  I’m sure we’ll have more on this as the day progresses.

Further reading: Europe: Financial markets winning over real economy – for how long?

Get the 5 most predictable currency pairs

About Author

Matthew Lifson is a Foreign Exchange Trader and a Market Analyst. with Cambridge Mercantile Group.