Euro Falls Against Dollar

The dollar rose against the euro on Monday after European Central Bank President Jean-Claude Trichet said officials were worried about recent volatility in foreign exchange markets.

The euro fell to around 1.5316 after Trichet's remarks from around 1.5360. It last traded at 1.5335, down 0.1 percent from late Friday.

The euro has risen sharply against the dollar over the past week, hitting an all-time high of 1.5459, according to Reuters data, as fears of a U.S. recession and more Federal Reserve rate cuts mounted.

But Trichet told reporters in Basel, Switzerland on Monday that "in present circumstances, we are concerned about excessive exchange rate moves."

Euro Falls Against Dollar, Bloomberg
3/10/2008 6:15:44 AM