Fed’s Lockhart: Wave of competitive currency devaluations very unlikely

Atlanta Fed president Lockhart says that a wave of competitive currency devaluations are very unlikely. This is not for lack of effort for those like the SNB who would love nothing more than a falling currency.

What we’ve seen in the last week or so is a devaluation of OECD currencies versus emerging market currencies (particularly those of commodity producers) ,as well as versus gold, oil and other commodities.