For currency traders, the G8 was notable solely for what was not said and for who was not there. Rhetoric suggested the summit would be the “high noon” for the dollar as a reserve currency, as China pushed for a more diversified anchor for foreign exchange.
But currencies are not even mentioned in the draft communique. China's premier was not present for the discussions, thanks to trouble at home. The showdown on the dollar's future did not happen.
Rather than dancing to the tune of the world's leaders, forex markets suffered a new wave of aversion to risk.
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