With the market's eye on the Group of Seven meeting, it has yet to recover.

The move, which had been expected, comes just before a Group of Seven meeting.

Traders said they were not sure what impact the Group of Seven meeting would have on the market.

They met during a break in the Group of 8 meeting in Okinawa.

Officials said no statement would be issued until after the Group of Seven meeting.

"It has 'successful Group of 8 meeting' written all over it!"

The dollar was up in light trading as dealers awaited the Group of Seven meeting.

He added that he saw no reason for a Group of Seven meeting at short notice.

No date has been set for the new Arab League and Group of 8 meeting.

"The message was that there had to be a balance," he said of the Group of Seven meeting.