Dollar surges as markets put their money on US

The rally in the dollar in Friday's frenetic trading triggered the steepest one-day losses for the euro for 4 years Gary Duncan Economics Editor The dollar charged higher today, extending its biggest 24-hour rally against the euro since 1999, as currency markets scrambled to rethink competing economic prospects in the United States and the eurozone. Dramatic gains by the dollar that took it to its highest for five months against a broad range of currencies sparked predictions from economists that it is embarked on a long-term recovery, after a five-year run of unrelenting weakness. The rally in the dollar in Friday's frenetic trading triggered the steepest one-day losses for the euro for four years, sent US blue-chip shares soaring and fuelled sharp falls in oil prices of more than $3 a barrel. On Wall Street, the Dow Jones... [read full story]