Market to test central banks post-G7

The statement said volatile and disorderly markets are undesirable, and flexibility is needed for all currencies. This represents concessions to the US, Europe and Asia, but only highlights the lack of any global agreement on FX issues, said Hans Redeker, global head of FX strategy at BNP Paribas in London.

This has led analysts to agree that the threat of the G7 nations backing up their statements with any action is limited.

"The statement does not carry any heightened risk of official reacti