With the April 11, G7 meeting of finance ministers and central bankers just days away, government officials around the world have the power to stop the dollar from falling.  But will they?

The US dollar kicked off this week on a better note as rising risk appetite strengthened the US dollar against most of the major currencies.

The U.K. housing market has continued to deteriorate as prices fell 0.6% in March, the fifth straight monthly decline. Therefore, expectations are that homeowners were reluctant to pull equity from their homes as its value continued to fall.

The January Canadian GDP release may not have the same market moving potential as December's reading which was reinforced by the quarterly number.

The U.K. housing market has been in a steep decline, and the upcoming March Nationwide House Price measurement is expected to show housing values declined for a fifth straight month.

US dollar pessimism heightened as fresh data hampered the growth outlook for the troubled economy.

When it comes to the currency market, most traders will use either technical or fundamental analysis or a combination of both to formulate their strategy, however, even for the casual currency trader, news or event risk can have a dramatic influence on the long and short-term price action of a currency pair.

The fading US dollar regained its footing on a fundamentally-light session, though the risk related pairs were still pushing the greenback to new lows.

The US dollar plummeted to fresh record lows on a trade-weighted basis, leaving the euro at all-time highs and the Canadian dollar just short of 33-year peaks. Traders sold the dollar on speculation that the upcoming G7 meeting would provide little guidance on the future of greenback trends.

The US dollar traded lower against the Euro and other major currencies ahead of the highly anticipated release of minutes from the Federal Open Market Committee’s recent meeting.