Fidelity Worldwide Investment - “The G7 ministers put out a statement today arguing against unilateral FX intervention and explicit exchange rate targets. On one level, this is a slap on the wrist to Japanese ministers talking about specific levels but it allows them to carry on with policies aimed at creating domestic inflation. You could argue the clear FX manipulators out there are the Swiss with the SNB’s Jordan saying today that the swiss franc’s 1.20 cap against the euro is still in place, the franc will weaken further and they stand ready to take further measures. We are short both the yen and the swiss, two currencies that pay the lowest interest rates in the world and both with central banks aiming explicitly or implicitly to devalue.”
Trevor Greetham, Director of Asset Allocation at Fidelity Worldwide Investment