The EUR plummeted against the USD and the JPY this morning after the G7 meeting made a declaration of ‘broad principles’ and postponed the real challenges until the meeting of the G20 in April
Towards 7am GMT today the EUR was worth 1.2747 USD compared to 1.2856 on Friday night – a fall of over 100 pips. The EUR lost 150 against the JPY, opening to day at 116.80 JPY compared to 118.30 JPY at close on Friday. The USD also fell against the JPY, opeing today at 91.63 JPY compared with 92.01 at close on Friday evening.
This strength of the JPY seems to ignore the official statistics released this morning which show that the GDP of Japan, the second largest global economy, fell by 12.7% of the annuam rate for the three months from October to December (-3.3% from the previous quarter). This was its worst economic contraction in 35 years.
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