Dollar Hits 6-Week High Against Euro
US, Europe team up to boost gaining greenback
By Jason Farago,  Newser Staff
Posted May 8, 2008 6:12 AM CDT
European politicians are speaking out more forcefully that the euro has become overvalued.   ((c) ArchiM)
camera-icon View 2 more images

(Newser) – The dollar hit a six-week high against the euro yesterday, leading relieved policymakers on both sides of the Atlantic to hope that the worst is over, reports the Financial Times. Analysts still reckon that Washington will continue its policy of benign neglect: a soft dollar encourages exports and reduces the trade deficit. But one key reason US and European officials are teaming up to help the dollar: a weak American currency has reinforced spiking oil prices.