Читать книгу Currency Trading For Dummies - Kathleen Brooks - Страница 70

The Group of Twenty, or G20, is a forum for the governments and central bank governors of the world’s 20 largest economies. Members include the developed markets and the larger emerging markets, including Mexico, Brazil, China, and South Korea, along with Saudi Arabia. The G20 superseded the G7 and the G8 as the global leaders’ summit to keep an eye on. G20 summits take place each year; depending on the circumstances, currency values may be on the agenda for these meetings, and the communiqué, the official statement issued at the end of each gathering, may contain an explicit indication for a desired shift among the major currencies. If currencies are not a hot-button topic, the G20 will include a standard boilerplate statement that currencies should reflect economic fundamentals and that excessive currency volatility is undesirable.

Forex markets closely follow the preparations leading up to the meetings for several weeks in advance. Traders are looking first to see whether currencies will even be discussed, and then to see which currency or currencies will be on the agenda. The market will generally have a sense of whether currencies are an issue, and the general feeling of what the G20 would like to see done, well in advance. Still, comments from ministers and their deputies holding the preparatory consultations set the stage for the market’s expectations and can provoke market reactions even before the G20 meets, although this can be rare.