2010.10.0516:33:00UTC+00Many Countries Trying to Control Strength of Currencies; Brazil Takes Latest Initiative

News:

• Ultra-low interest rates in Europe and Japan and concerns that the US Fed is about to embark on another round of money printing to weaken the dollar have pushed currencies to the top of the agenda for the gathering of finance chiefs from the G7 nations 
• The IMF is also expected to discuss forex moves as part of its mission to get countries to work together towards balanced global growth
• Brazil on Monday doubled a tax on foreign investors buying local bonds to 4 pct to curb a strong real
• Other G20 members have also been taking more action, with Turkey buying more foreign currencies and South African policymakers attempting to talk down the rand