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.
