The dollar was seen strong against the euro for second consecutive day when ECB President Jean-Claude Trichet said that if the IMF took responsibility for bailing out Greece it would send a negative message. Adding to this, a European draft agreement on aid for Greece showed that the Euro zone and the International Monetary fund would share the burden.
Sacha Tihanyi, currency strategist at Scotia Capital said: "You have to be completely supportive of your monetary union or what is the point of maintaining that common currency?. In for a penny, in for a pound."
Boris Schlossberg, director for currency research at GFT, in New York said: "There’s going to be a lot of volatility during this meeting. "The euro will bounce back and forth."
The euro was down 0.2 percent at $1.3283. The dollar was up 0.6 percent at 92.75 yen.