G7 - Nothing to See or Hear
Written by A Forex View From Afar on Monday, February 11, 2008The G7 weekend came and passed, with nothing special in the middle. The only important thing discussed at the Finance Ministers Reunion from the most industrialized 7 countries was that sub-prime losses may reach $400bn. That is quite a loss.
The fading G7 meeting was also not observed in the Marketplace; the once notorious Forex Gaps refused to show themselves. Markets refused to see the G7 meeting as anything to concern themselves about, that cue was followed by the financial press, who reserved the last pages for it.
Don’t worry guys, we noted another $300b may be leaving financial institutions on top of the $130bn loss already booked.
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