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Scary stuff:

 

G-7 officials meeting in Dubai this weekend are working on a statement that will be published tomorrow afternoon. The current version says market forces should set foreign-exchange levels, said the official, who asked not to be identified.

 

G-7 officials "are acknowledging there are imbalances, which means they're acknowledging the dollar should go down,'' said Marcel Kasumovich, a currency strategy for Merrill Lynch & Co. in New York.

 

Swan dive

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