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The US dollar continued to come under fire overnight, losing ground against major counterparts as the G20 wrapped up their two day summit in Scotland. The latest dollar weakness came courtesy of the perceived lack of action taken by the G20 in relation to the re-balancing of global currency markets, most notably the continual decline of the greenback and Chinese Yuan. With the Yuan pegged to the falling US Dollar, by default this provides a competitive edge to Chinese exports, thus a negative influence on other economies with 'free floating' currencies. Until action is taken, currency markets remain in disarray as central banks stock up on dollar reserves to stem the negative effect of the weak greenback on respective economies. A primary advocate of the 'strong dollar' policy is European Central Bank President Jean-Claude Trichet, who has in recent times has expressed his concern on the adverse implication of excess market volatility, and has indicated it is "extremely important" that the U.S. dollar is strong.
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