The U.S. dollar edged up slightly Monday against the euro as U.S. President George W. Bush embarked on a five-day European trip urging greater trans-Atlantic cooperation.
The 12-nation currency was trading at US$1.3060, down from US$1.3067 in late New York trading on Friday.
The U.S. dollar was down against other major rivals, however, with the British pound up to US$1.8972 from US$1.8947 on Friday and the dollar buying 105.52 Japanese yen, down from 105.64.
The euro soared from about US$1.20 in September to an all-time high of US$1.3667 at the end of December, powered by concerns over the U.S. budget and trade deficits. It has since leveled off around US$1.30.
But analysts believe the euro will continue to rise this year, and European leaders have expressed concerns that continuing dollar weakness could start to seriously harm their economies by making exports more expensive or cutting into manufacturers' profits.
It was not clear whether they would use the opportunity of face-to-face talks with Bush this week to push their case.
While the Bush administration has professed a "strong dollar" policy, many believe it has been tacitly letting the currency fall because it helps boost U.S. exports by making them less expensive.
Bush began his European trip in Brussels, Belgium, home to the European Union and NATO. On Monday, he dismissed his administration's rift with European powers over Iraq as a "passing disagreement of governments."