A soft-landing economic background is good for the dollar. The dollar has risen strongly since June on the improving economic outlook in the United States.

The G-7 finance ministers could issue a statement saying, 'We share Europe's concern with the weak euro,'

The dollar is performing well across the board, and capital flows are still very much a factor,

The 50-basis-point increase in May, combined with the previous moves by the Fed, and weaker economic data should encourage them to wait.

The European Central Bank is worried that weakness in the euro will result in inflation.

Intervention can be effective in the short term, but it doesn't do much to arrest the bigger issues. The market would appreciate structural reforms, such as tax reform, labor reform and pension reform.