Released: October 06, 2008

Dollar has surprising strength in weak economy

Source: Mark Landler, New York Times (Free Registration)

Stock markets are swooning, credit markets remain frozen, and some foreign officials are predicting that the United States will lose its status as a financial superpower. And yet the dollar — the most visible symbol of America’s financial might — is surging.

Last week, the dollar rose to its highest level in more than a year against the euro, the Canadian dollar and several other currencies. It rose even after the Bush administration’s rescue plan for banks had initially foundered in Congress and even in the wake of a dismal employment report on Friday.

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