There’s little doubt that there’s another round of coordinated central bank rate cuts in the offing. It will have been discussed at the summit of G7 finance ministers at the weekend, together with other solutions to the overall market crisis. The usual question at this point being is it really enough to make any difference at all?

Last week, AUD dropped 20% against the yen to hit ¥64.50 – the largest single week fall since it floated back in 1983 – before rallying to ¥64.96. NZD got rid of 13.7% over the week to close at ¥60.01.

As we know, these currencies will find support at some point – Predicting that level, I would humbly suggest with needing to be any kind of guru at all, is impossible, it’s just a case of watch and wait.

Fortunately, George Soros is on hand to solve the problem – with a collection of general homilies and yes, even managing to use “actions speak louder than words”.

People darkly warn that there’s another 20% to be shed from stocks before some stability might return – best to get it over with then…