European session:

The yen weakened for a second day against all of its major counterparts on speculation Group of Seven nations will keep selling the currency to curb its appreciation and help support Japan’s economy.
The euro depreciated against the dollar as the region’s finance ministers meet to hammer out details of a debt-crisis solution.
The yen extended losses after sliding the most against the dollar in six months on March 18, when the G-7 intervened to bring the currency down from a postwar high and assist Japan’s recovery from its biggest-ever earthquake. “People are not really willing to take on the G-7 for now,” said Geoffrey Yu, a foreign exchange strategist at UBS AG. “They know the G-7 will intervene again.”
An exchange rate of “80 per dollar is probably the line in the sand that the Bank of Japan would want to defend,” Yu said.
Wells Fargo & Co. and Bank of Tokyo-Mitsubishi UFJ Ltd. say the yen’s gains will reverse as Bank of Japan Governor Masaaki Shirakawa injects cash into the financial system just as his peers prepare to tighten monetary policy.
Switzerland’s franc weakened as Japan made progress controlling a damaged nuclear reactor, sapping demand for the currency as a haven.

EUR/USD: traded within $1.4145-$1.4185 range.

US data starts at 1400GMT. The pace of existing home sales is expected to slow to a 5.15 million annual rate in January after rising 2.7% in the previous month.