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		Home Page Mortgage News You Can Use G7 positions on dollar ahead of Florida meeting Thursday January 29, 8:52 am ET LONDON, Jan 29 (Reuters) - Finance ministers and central bankers from the Group of Seven (G7) most developed economies are scheduled to meet in Florida on February 6 and 7 amid concern about the steep fall of the U.S. dollar. Following is a snapshot of developments and key facts: LATEST NEWS * European Central Bank President Jean-Claude Trichet said on Thursday that recovery in the euro zone is on track, with political and economic tensions easing, while inflation is set to fall below two percent this year. * The dollar retraced some of its earlier gains against the euro on Thursday after rallying to a one-week high following a signal from the U.S. Federal Reserve it was preparing the ground for eventual rate rises. * The global economy has picked up steam in recent months, John Taylor, U.S.Treasury's undersecretary for international affairs, said on Wednesday, previewing a message U.S. officials will deliver to their counterparts at an upcoming Group of Seven meeting next week in Florida. * The rise of the euro on foreign exchange markets weakened the competitiveness of euro zone producers by about two percent in the fourth quarter of 2003, the European Commission said on Thursday. * Spanish Economy Minister Rodrigo Rato said on Thursday big currency swings could harm the global economy while a strong stable euro is good for Europe. * An adviser to China's central bank has shrugged off suggestions that the yuan currency trading band will be widened this year as the government treads warily before tinkering with the dollar peg. * Bank of Japan Policy Board member Teizo Taya said on Thursday that the impact of the yen's rise on exports has so far been limited, although the global effects of a weaker dollar would need watching. * Japan's top financial diplomat, Zembei Mizoguchi, said on Thursday that stable currency markets over the medium term were desirable and that authorities were closely monitoring those markets. * Japan Vice Finance Minister Masakazu Hayashi said on Thursday that recent movements in the foreign exchange market have been rapid and Japanese authorities would take action to curb such moves. * Swiss National Bank Chairman Jean-Pierre Roth said on Thursday the rapid weakening of the dollar against the Swiss franc was a problem for some Swiss exporters, but also stressed little could be done against it. KEY QUOTES "Now it appears clearly that the geopolitical and economic tensions are are receding and that the recovery is very well underway," ECB president Trichet said in a speech in Madrid. "The latest information we have on production and confidence is consistent with an ongoing recovery in economic activity." --- "What Secretary (John) Snow will be stressing (at G7) ... is, I think, how the world economic situation has improved dramatically since the last meeting in Dubai," U.S. Treasury Undersecretary John Taylor said. "What we will be stressing is that the twin deficits are unrelated," he said noting the current account gap had grown while the budget deficit shrank in the 1990s. --- "The European position is clear, a strong stable euro is good for Europe, but sudden movements can be harmful from the viewpoint of the interest of the economies of the world," Spain's Economy Minister Rodrigo Rato said after meeting ECB President Trichet on the sidelines of a conference. --- "There is no need to adjust the exchange rate level this year," Li Yang, advisor to the Chinese central bank said. "Under the current circumstances, the exchange rate would be pinned to the ceiling of a widened band due to expectations of a revaluation. If the band is widened excessively, the sharp change would be a heavy blow to the economy." --- "The impact of the yen's rise can be seen as limited, with the effective (trade-weighted) rate not having risen as much as the rate against the dollar," BOJ Policy Board member Teizo Taya said in a speech. --- "The dollar is an unstable currency," SNB Chairman Roth said, speaking to members of the Business Club in Zurich. "Switzerland cannot stabilise the dollar".   Back to Original Article: Mortgage News You Can Use   Continue with: Fed Move Bolsters Belief in Rising Rates Are Interest Rates on the Rise? Fear of Rising Interest Rates Sends Markets Into Decline Jobless Claims in U.S. Fall by 1,000 to 342,000, Close to Three-Year Low U.S. Job Market Flashes Mixed Signals DIARY-U.S. Treasuries Fed Holds Interest Rates Steady Stocks Mixed As Investors Seek Bargains About 2 Million to Use Up Jobless Benefits Dollar Surrenders Gains Has global oil production peaked? 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