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Currency War ‘Not Over’ After G-20 Statement, UniCredit Says

The dollar faces further weakness after the statement from Group of 20 finance ministers and central bank chiefs following their meeting in South Korea yesterday failed to ease currency tensions, UniCredit SpA said.

While stronger than the usual “mantra” that “currencies should reflect fundamentals,” the statement represents at best a “fragile truce,” Roberto Mialich, director of foreign-exchange strategy in Milan, wrote in a research note today.

“The foreign-exchange war is not over,” he said. “Prospects of an ultra-loose monetary policy in the U.S. do not bode well for the greenback, which may at best contain its weakness for the time being.”

The dollar was 0.8 percent weaker against the euro at $1.4060 as of 8:33 a.m. in London, and fell 0.9 percent to 80.68 yen.

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