finance ministers and heads of central banks of the seven major Western states in its communiqué on the results of last weekend the meeting did not affect the question of supporting the U.S. currency, as most experts had expected. In a statement, the summit only noted that “excessive volatility and erratic currency fluctuations had a negative impact on economic and financial stability».

Investors reacted as follows: the dollar fell from U.S. $1,457 the euro to 1,463 U.S. Dollar Index, which reflects the cost to the six major currencies, fell 0.4%, to 76.757. Since early March, the dollar fell by 14% against a basket of seven major currencies.

mood of investors is not changed and duty statements of certain financial leaders at the conclusion of the summit. In particular, U.S. Treasury Secretary Timothy Geithner said that a strong dollar is still important for the U.S., and French Finance Minister Christine Lagarde also said that “a strong dollar is necessary».

« A weak dollar is helping meet the challenges of world balance, which is the main purpose of the Big Seven “, – stated in the report the chief currency strategist at Morgan Stanley Sophia Drossos. – It reinforces our opinion that as long as the weak dollar reflects the ratio of base rates and economic growth, “the Group of Seven” is unlikely to prevent it ».

way, to Chinese yuan to the dollar increased by 0,3%. Thus, Chinese exporters retain an advantage in foreign markets, without haste, with the promised increase in the value of national currency. In a statement the Group of Seven “states that it will maintain pressure on China on the issue of greater flexibility in the yuan to restore trade balances.

Meanwhile, Japan also announced its desire to weaken a little local currency. Japanese Finance Minister Hirohisa Fujii repeated during the summit, which does not preclude intervention in the foreign exchange market. Japan has changed its commitment to a strong yen, as the high cost of currency started to seriously affect the producers of digital technology.

Recently, the U.S. currency is gradually reduced to their main competitors. Investors sold the dollar and invested in higher-yielding currencies as revenue positive economic news. Now, however, economists have increasingly warned of the threat to the very slow recovery and the second wave of the crisis that may force players to think anew about the more reliable tools.

Professor at New York University, Nouriel Roubini believes that stock and commodity markets may fall in the coming months. “Markets have grown too quickly after the fall. I see the risks of correction, especially when the markets realize that the recovery is not quick with a V-shaped, but more like a U-shaped “- said Mr. Rubin in an interview with Bloomberg. In his view, the fall can happen in the IV-th quarter of 2009 or in the I quarter of 2010 ».

According to Bloomberg, the index Standard & Poor’s 500 rose in March by 51%, and European index Dow Jones Stoxx 600 increased by 48%. The total value of shares on a global scale has increased by 20.1 trillion dollars.

«In the short term, we need monetary and fiscal stimulus in order to avoid another turning point, and and deflation. But now these easy money has already created bubbles in stock markets, commodities, credit and emerging markets. In an effort to avoid the threat of deflation, we may have planted the seeds for the next cycle of financial instability “, – said Nouriel Roubini.

Executive Director of the UK’s biggest bank HSBC Michael Geogigen holds even more pessimistic view, not excluding that the current crisis is a W-shaped and in the coming months, expect a second wave of economic recession. These fears have forced the banker to postpone the implementation of plans to expand HSBC. “I’m not sure that the worst of times for us, behind us, – he said in an interview with Financial Times. – It is likely that profits might drop significantly ».