Dlr hits 1 week high as oil retreats, G8 meets

The dollar edged up to a one-week high versus a basket of major currencies on Monday, cheered by speculation that comments from G8 officials could push oil prices further away from last week's record highs.

The U.S. currency also continued to benefit from a neutral European Central Bank tone -- which reduced expectations of further rate hikes after last Thursday's move to 4.25 percent -- and from a U.S. jobs release that was not as weak as some had expected.

Oil eased to $143.56 a barrel CLc1 -- more than $2 below its peak -- as leaders of the Group of Eight industrialised nations gathered for a meeting in Japan.

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- Posted: 2008-07-07 09:17:51

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