Dollar rises on oil drop, housing bill

By Vivianne Rodrigues NEW YORK (Reuters) - The dollar rallied to a one-month peak against the yen and a two-week high against the euro on Wednesday, supported by a further drop in oil prices and improved confidence in the U.S. financial sector. Oil prices, which are trading more than $20 below this month's record peak of $147.27, continued their decline on Wednesday following the release of U.S. crude inventory data, giving the greenback a generally bid tone. At the same time, the U.S. House of Representatives prepared to vote on a measure that is expected to help the housing sector recover from its worst downturn since the Great Depression. The White House said President George W. Bush will sign the bill into law. "U.S. equities, oil prices and a little bit of hangover from yesterday's hawkish Fed speak have kept the dollar... [read full story]