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Dollar awaits G8 summit

The Group of Eight economic powers will meet this week to discuss various world topics, spurring the US dollar to fluctuate against various currencies. Jitters are arising as the group will meet to discuss the global economic crisis, climate change, and turmoil in Iran. The dollar rose Tuesday against the euro to USD1.3954 from USD1.3979 and fell against the Japanese currency to JPY95.12 from JPY95.33.

Even though China is not a part of the G8 they are regularly invited to join enlarged sessions at the annual summit. In the upcoming gathering they have expressed their concern for a broader global monetary system to be brought up. There is caution that talks on the dollar as an international reserve currency will trigger dollar selling.

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