Dollar gained after G-7 expressed concern over decreasing value (Bloomberg) (14-04-2008)

April 14 (Bloomberg) -- The dollar gained some ground against the euro after the Group of Seven voiced their worry over the “sharp fluctuations” on top of a 14 percent slump in the past year.

The dollar rose to $1.5733 per euro at 7:12 a.m. in London, from $1.5808 late in New York on April 11. It reached $1.56, the strongest level since April 3. The currency was little changed at 100.89 yen from 100.95 yen. The yen gained to 158.72 per euro from 159.55. The U.S. currency may advance beyond $1.55 this week, Trinh said.

The Australian dollar, a favorite for so-called carry trades, fell 0.6 percent to 92.23 U.S. cents and dropped 0.7 percent to 93.06 yen. The New Zealand dollar declined 0.7 percent to 78.79 U.S. cents and 0.8 percent to 79.42 yen.

The euro also recovered some ground after European Central Bank council member Yves Mersch said the bank can't afford to cut its 4 percent benchmark rate this year with inflation likely to breach its 2 percent limit in 2009.

 Source: Bloomberg