The dollar drifted higher against the euro in early European trade on Monday, reaching for the stronger end of its recent trading ranges, and gained slightly versus the yen. The weekend Group of Seven (G7) industrialised nations brought little news on foreign exchange issues after the G7 failed to mention currencies in its communique but instead called on oil producing countries to pump more crude. Meanwhile, Saudi Arabia pledged to boost its oil output by roughly 10 percent, depressing crude prices which hit 21-year highs above $40 per barrel last week. At 0714 GMT the dollar was up a third of a percent on the day at $1.1952 . It has drifted between roughly $1.2070 and $1.1870 over the last week with the market dominated by speculation about when U.S. interest rates will rise and what impact rising oil prices could have on the global economy. The dollar was also up a quarter of a percent versus the yen at 112.69 .
Monday's economic data slate includes the Philadelphia Federal Reserve's quarterly survey of the United States economy. European Central Bank President Jean-Claude Trichet is scheduled to speak at 1300 GMT. ECB executive board member Tommaso Padoa-Schioppa speaks also at 1300 GMT and governing council member Yves Mersch speaks at 1630 GMT. U.S. Treasury Secretary John Snow participated in a 1400 GMT roundtable discussion with UK Chancellor of the Exchequer Gordon Brown in New York.///