G7 is the Group of Seven, an informal forum of seven advanced economies: Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States. In finance, it refers to those economies, their major currencies, and the policy they coordinate.
G7 finance ministers and central bank governors meet to discuss financial stability, inflation, growth, currency conditions, and crisis responses. Because the members run large economies with deep markets and influential central banks, their decisions can move interest rates, exchange rates, bond markets, and commodity prices well beyond their own borders.
G7 currencies usually means the US dollar, euro, Japanese yen, British pound, and Canadian dollar, while G7 bonds means sovereign debt issued by G7 governments. The G7 is not the same as the G20, which adds major emerging economies such as China, India, and Brazil to the table.
You monitor a G7 finance ministers' statement after sharp currency volatility.
The statement says G7 members are concerned about disorderly exchange rate movements.
You may read this as a warning that major economies could coordinate policy or intervene to steady currency markets. It can affect G7 currency pairs such as EUR/USD, USD/JPY, GBP/USD, and USD/CAD.