It is a new year and so far there is a new direction for the dollar – now it is going up in value against the euro. The US currency has been gaining since the release of the minutes of the US Federal Reserve’s latest meeting at which the central bank policy makers under chairman Alan Greenspan said US interest rates are lower than is needed to slow inflation there, implying there are more rises to come.For months now the dollar has been weakening against the euro which repeatedly reached new records in the back half of last year pushing up above $1.35. The fact that the US economy is outperforming growth in Europe and Japan is also helping. And the latest information from the Institute of Supply Management shows strong growth in the huge US service sector in December. The next indication will come on Friday with the release of jobs figures that are also expected to be higher.