The G-7 statement

The G-7 statement is a big disapoitment its clear that the U.S. wants to see the weakening of the dollar continue, in the short-term the G-7 communiqué will be quite significant...We don't think intervention is imminent but certainly a step-up in rhetoric is to be expected... The dollar rose to a one-week high against the euro after the Group of Seven expressed concern over sharp fluctuations following a 14 percent slump in the currency over the past year.
The G-7 changed its statement on currencies for the first time in four years after the meeting in Washington on April 11, pledging to monitor exchange markets closely, and cooperate as appropriate. The yen rose versus the euro and pared losses against the dollar as a drop in Asian stocks caused investors to pare holdings of higher-yielding assets funded in Japan.

The Australian dollar, a favorite for so-called carry trades, fell 0.6 percent to 92.23 U.S. cents and dropped 0.7 percent to 93.06 yen. The New Zealand dollar declined 0.7 percent to 78.79 U.S. cents and 0.8 percent to 79.42 yen. The Nikkei 225 Stock Average fell 3.1 percent, its biggest decline since March 17.
The dollar wasn't mentioned specifically, suggesting U.S. policy makers still favor a weak dollar to spur the economy, however support for the dollar will be limited because the focus is on volatility, not levels...Traders will be more reluctant to push the dollar lower, even if there are factors that suggest it should fall,

The last time the G-7, which comprises the U.S., Japan, Germany, the U.K., France, Italy and Canada, intervened in the currency market was on Sept. 22, 2000, when they bought the euro after it tumbled 27 percent from its 1999 debut. The euro initially rose 4 percent, only to end that year 13.8 percent lower. The G-7 last propped up the dollar in 1995, when it sank to a post-World War II low of 79.75 yen. The U.S. currency rose 4 percent against the yen that year.
The U.S. economy has entered a recession since the end of last year, which may push down the dollar to 92 yen by June 30....