The U.S dollar slid 0.8% against the Yen for a second day on speculation the G-8 leaders may question the greenback's status as the world's reserve currency. Leaders from the G-8 most-industrialized nations are meeting in Italy today to tackle shrinking economies and rising unemployment even after the U.S. pledged $12.8 trillion to end the recession.

Summary

USD - Greenback Retakes Ground Against the Japanese Yen

EUR – The EUR Hits its Lowest in 6 Weeks Against the Yen

JPY - Yen Rallies the Most in 7 Months on Safety Demand

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The market is set to go increasingly volatile today on the publication of U.S. Unemployment Claims at 12:30 GMT and the Philly Fed Manufacturing Index at 14:00 GMT, and Treasury Secretary Timothy Geithner's speech at 13:30 GMT . In turn this economic news will help determine the strength of the Dollar versus its major currency pairs going into end of week trading. In order to take advantage of the forex market now, traders are advised to start opening their USD positions now, prior to the release of this crucial data.

Summary

USD - USD Weakens on Weak U.S. Inflation Data

EUR - EUR Jumps On Increased Optimism

JPY - Yen Rises Against the USD

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