Who is the hottest big player in the forex market? Correct, G7!G7 or The Group of Seven is composed of the seven largest developed economies in the world. The G7 are Canada, France, Germany, Italy, Japan, the United Kingdom and the United States. The G7 is the primary venue for the major global powers to express their collective will on the currency values and the need for any adjustment.
Forex markets follow the G7 several weeks ahead. The power of the G7 statements lies in the perception that all the participants are in agreement with what is contained in the communique.
Currency values may be on the agenda for their meetings. When G7 comments of certain currencies should reflect economic fundamentals, be prepared that excessive currencies volatility appear. This Sunday there might be a big gap when the market open.
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