The Japanese yen was the strongest of the majors, while the US dollar was close behind, as jittery investor sentiment throughout the financial markets weighed on “risky” assets like high-yielding currencies and equities.

The big piece of event risk for the US dollar will not come until Wednesday though, when the Federal Open Market Committee (FOMC) meeting minutes will be released.

Looking ahead to next week, there is only one big piece of event risk for the US dollar: the Federal Open Market Committee (FOMC) meeting minutes.

Over the next 24 hours, the G-20 summit is easily the most important event to watch not only for risk trends, but for the US dollar in general.

The market will continue to weigh the dollar's value as a store of wealth against its exposure to another systemic seizure.

Wednesday proved to be an altogether volatile day for the US dollar and Japanese yen, as US economic data proved to be much better than anticipated, which provided a boost to US equities in the morning.

The US dollar generally ended Tuesday higher while the Japanese yen made some headway against the highest yielding currencies amidst broad declines in risky assets.

The US dollar and Japanese yen were the weakest of the majors as the "safe havens" didn’t stand to benefit from a rebound in risk appetite.

While the bigger fundamental themes were slowly shifting, the greenback was finding modest economic fodder to work with during today’s session.