The dollar traded at three-week highs against the euro Friday, boosted by a growing view the Federal Reserve may stop cutting interest rates soon.
As the Federal Reserve hones in on the end of its interest-rate cutting campaign, officials remain troubled by lingering stress in credit markets and continue to mull steps to ease the strain.
Texas Gov. Rick Perry asked the government to cut "skyrocketing" food prices by waiving half of the renewable fuel standard for ethanol made from grain.
President George W. Bush said on Friday that the U.S. economy is in a slowdown but added that tax rebates should help pull activity out of the slump.
Japanese annual inflation hit a decade-high 1.2 percent in March, as energy prices soar, but the central bank is expected to sit tight on interest rates in the face of a soft economic outlook at home and abroad.
Concerns about food security mounted, as rice prices hit records in Asia and the United Nations warned that staples for the world's hungry were getting much more expensive.
The dollar rose broadly Thursday after government data showed signs of resilience in the U.S. labor market, while a key consumer confidence measure in Germany plunged, weighing on the European currency.
The United States is in a recession but the downturn is expected to be mild because consumer spending is not expected to fall precipitously, Standard & Poor's said Thursday.
New Zealand's central bank kept interest rates steady at 8.25% as expected on Thursday, but softened its stance on an eventual rate cut as the economy slows, sending the currency lower.
Benchmark Thai rice prices leapt more than 5% to a record high above $1,000 a ton Thursday. Meanwhile, Brazil has temporarily halted rice exports to ensure domestic supply amid rising world prices for the grain.
The euro had its biggest drop against the U.S. dollar in three weeks Wednesday, as soft economic data and comment from European policy-makers indicated the weaker U.S. currency is hurting euro zone economic growth.
Drivers hoping for some relief at the pump will probably be shocked to hear that $4-a-gallon gasoline has already arrived in New York State.
The data show that this spike in oil and gasoline prices is going to hurt consumers more than it has so far.
Are we finally at the tipping point? You know, the point where people are so fed up with spending $40, $60, or $80 to fill up their car, truck or SUV that they clamor for something to be done? If word of mouth is worth anything, I say we've hit that point.
The U.S. economy nearly stalled in the first three months of the year and will shrink between now and June, but any recession should be less severe than the last major downturn in the early 1990s, a Reuters poll showed on Wednesday.
The Australian dollar jumped to a 24-year peak against the U.S. currency on Wednesday after higher-than-expected inflation data for the first quarter left investors facing an extended period of tight monetary policy.
Australia's core inflation rate surged to its fastest pace in almost 17 years last quarter as the cost of eating, driving and renting all rose, sparking concerns interest rates may have to go yet higher to curb prices.
Japan's exports in March rose less than expected from a year earlier, suggesting that companies are starting to feel the pinch from a slowing U.S. economy.
The euro roared to another record high Tuesday, crossing $1.60 in late afternoon trading in Europe after a pair of ECB governors said high inflation may cause the bank to raise interest rates.
Oil prices, which are setting fresh records nearly every day, are likely to keep climbing until the weak US dollar starts recovering and more supplies become available.