Almunia doesn’t expect dollar to “vanish”

US policymakers will breathe easier as as EU economics czar gives the dollar a tepid vote of support. he says he does not expect the dollar to “vanish” from one year to the next even if US imbalances are huge. He expects the gradual increase of global importance of the euro will continue.

EUR/USD pushed up to make a marginal new high at 1.3753 before easing back. It is consolidating gains at 1.3720.