NEW YORK, Jan. 16 (UPI) -- The decline of the U.S. dollar may be ending, the result of foreign intervention and key comments from U.S. and European officials.
In recent days the dollar has strengthened against key currencies, including the euro and the Japanese yen, the BBC reported Friday.
U.S. Treasury Secretary John Snow said the Bush administration favors a strong dollar, and in Brussels a spokesman for the European Central Bank said the bank was concerned about the euro's strength and volatility.
Meanwhile in the private sector, it appeared that foreign investors are buying more U.S. assets, while a closely watched report showed that U.S. consumer confidence climbed to a three-year high in January.
In the first two weeks of this month, the dollar had chalked up a series of record lows against the euro, due to worries about large U.S. trade and budget deficits.
In New York, the dollar rose Friday to $1.2376 per euro, up from Thursday's $1.2578, reaching its highest level since Dec. 22. Japan's yen, which has gained 10 percent against the dollar in the past year, weakened to 106.72 yen per dollar from Thursday's 106.35.
