Dollar continues gains against euro
Falling oil prices push greenback to seven-month high against 15-nation currency.
NEW YORK (CNNMoney.com) -- The dollar rose to a seven-month high against the euro Wednesday, benefiting from a fall in oil prices.
The 15-nation currency traded at $1.4486 Wednesday, down from $1.4518 late Tuesday.
Oil prices continued to drop Wednesday, falling 36 cents to settle at $109.35 a barrel - one of its lowest points in five months.
"When oil falls significantly, this helps to strengthen the U.S. dollar against the euro," said Terri Belkas, currency strategist with DailyFX.com.
The dollar gained strength as investors anticipate decisions on Thursday by the Bank of England and the the European Central Bank to keep interest rates steady, according to Sacha Tihanyi, associate currency strategist at Scotia Capital.
"We're on the doorstep of announcements from the central banks and during periods like this, the market looks for something - the dollar - to grasp on to as a driver," Tihanyi said.
He added that the dollar was bolstered by news Wednesday that the euro economy shrunk 0.2% in the second quarter.
"The dollar strength isn't a story of U.S. economic power, but a realization of weakness abroad in the euro zone and the UK economies," Tihanyi said.
The dollar fell slightly against the Japanese yen, buying ¥108.22, compared with ¥108.67 in late New York trading Tuesday.
The British pound fell to $1.7743 from $1.7781. 
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