Though the G8 usually are not concerned with the exchange rates rather they are concerned more about oil prices, but you can't separate both from each other especially since one of the reasons for the huge rise in oil prices was the depreciated dollar.

However expectations vary among people who believe the statement won't come with anything new but to urge oil producing countries into increasing oil output and for oil importing countries to be efficient, since reasons for the surge in oil prices are set to be discussed as the priority on their agenda.

While past comments from Mr. Paulson the U.S Treasury Secretary over a strong dollar could be further discussed in the meeting, furthermore he said that intervention is still a valid option among other tools they can use to prop up the dollar; the slump in dollar prices seems to have caused global inflation to soar, and all finance ministers seem to also share the same view as they all would prefer a strong dollar, in hopes maybe that it can tame the rise in oil prices.

Last time an intervention occurred was back in 2000 when the Euro slumped 27% against the dollar, while the last time a dollar intervention was seen was back in 1995 when the dollar hit record lows against the Japanese Yen as it slumped nearly 20 percent!

The G-8 consists of the U.S, Japan, Germany, Russia, U.K, Italy, Canada and France, yet since the central banks are not involved in the meeting chances are bleak that an intervention would occur over the weekend, but they might urge central banks into considering intervention should oil prices continue to surge.

Oil prices nearly doubled from last year, as the U.S credit crisis surfaced and started to uncover the results manifested by the worst financial crisis to hit the U.S economy since the Great Depression back in 1930s, and created a huge bubble in commodities prices especially oil.

While OPEC continues to stress that the current supply of oil is indeed more than enough and that the current rise in oil prices are mainly contributed to speculations, and they continue to remind investors that they won't increase their oil production.

Global economy seems to be slowing down to follow the lead of the world's largest economy, all market players are waiting to see what would the G8 reaction would be to rising inflation all around the globe, and whether they would take real steps into fighting inflation and surging commodity prices or will the meeting be yet just another meeting!