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Forex pairs in this Article » USD/JPY (Barcelona) - Sebastien Galy, Senior FX Strategist at Societe Generale notes that the upcoming G20 meeting is happening amid a spat that everyone is trying to avoid calling a "currency war".

He notes that the big divide is between the G7 and the rest, rather than within the G7 itself and Canada was the only G7 economy whose Q4 GDP data were in positive territory. he writes, "In the last three years, the weakest G20 currencies have been the Turkish Lira, the India rupee, the Argentine peso, the Rand, the Real and the Zloty - not the Euro, Yen or US dollar at all. GDP has failed to recover in Japan, the UK and the Euro Zone. All three have currencies which will fall, and the yen is still going to lead the way thanks to a Government that will not change tack."
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