G7 confirms commitment to market determined FX rates

G7 communique also contains references to FX, noting that the G7 confirms commitment to market determined FX rates

Headlines

We affirm our existing exchange rate commitments to market determined FX rates

Will consult closely in regard to actions in FX markets

We reaffirm our commitments to keep markets open, fight all forms of protectionism

We reaffirm our fiscal, monetary policies will remain oriented to meeting our respective domestic objectives and not target FX rates

We underscore importance of countries refraining from competitive devaluations

Excess volatility, disorderly moves in FX rates can have adverse implications for economic, financial stability