The dollar rose to its strongest in a week against the euro as speculation a global economic slowdown will reduce demand for raw materials pushed gold and oil lower.
Europe's common currency declined after Credit Suisse Group said it may have a loss this quarter because of writedowns on debt securities. The dollar climbed to the highest level in more than a week versus the currencies of its major trade partners as crude, which is priced in the U.S. currency, dropped after a government report showed weaker demand for fuel.
``The main driver is the liquidation of long commodity positions, specifically crude oil,'' said Lee Hardman, a currency strategist in London at Bank of Tokyo-Mitsubishi UFJ Ltd. ``That's potentially been a positive for the dollar on the back of the drop in commodity prices.''
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