Dollar hits three-month high against the euro

THE US dollar hit a three-month high against the euro yesterday following encouraging comments from US Federal Reserve chairman Alan Greenspan.

The increase to $1.2825 occurred despite weaker than expected unemployment data in the US last Friday.

According to Head of Domestic Sales, Bank of Ireland Global Markets John Moclair the primary reason for this strength were comments from Fed chairman Mr Greenspan in which he said that there were forces at play that would help the growing US trade gap to correct itself.