London.– The tide may be turning at last for the U.S. dollar after seven years of decline as policy makers recognize the inflationary threat of an endlessly weakening dollar that has driven up oil and the prices of other commodities.

Speeches this week by central bank governors from the United States, the euro zone and Japan as well as other finance chiefs from major economies will probably reinforce the view that authorities may finally wish to see a floor for the dollar.

Investors will also scrutinize consumer price figures from Britain, the euro zone and the United States and growth indicators from the euro zone and Japan.

After hitting all-time lows in mid-March, the dollar has risen more than 3 percent to hit a two-month peak against its six major peers in the past week, coinciding with growing expectations that the worst of the credit crisis may be over.

The rally comes after a downtrend since 2001 that reduced the value of the dollar by more than 40 percent.

A weakening dollar has contributed to a rise in the cost of raw materials, which are mainly priced in the U.S. currency, with everything from oil to corn hitting historic highs.

And inflation dangers pose a headache for central banks, especially the U.S. Federal Reserve, which has cut interest rates seven times since September to 2 percent, the lowest since December 2004, to stabilize the economy.

"It seems as if U.S. Treasury and possibly even Federal Reserve officials might be starting to view the dollar's slide as an inflation risk," said Steven Pearson, chief strategist at Bank of Scotland. "Certainly U.S. political figures will not want the Fed's ability to ease monetary policy impeded in any way. In this sense the objection to the weakness of the dollar is understandable - a stronger dollar is starting to be in everyone's interest."

A growing Fed focus on inflation means the end might be near for a U.S. campaign to relax monetary policy to fight the economic fallout from the nine-month-old credit crisis.

Interest rate futures are already pricing in a chance that the Fed has already finished cutting interest rates. Thomas Hoenig, the president of the Kansas City Fed, has even said that the central bank must be ready to raise interest rates given the troublesome inflation outlook.

Andrew Garthwaite, research analyst at Credit Suisse, says valuations, an improving U.S. current account deficit, narrowing U.S. interest rate and growth differentials over the euro zone and Britain are part of the reasons why the dollar should find a bottom soon. He also says companies with a high proportion of revenues and a low proportion of costs sourced in dollars should benefit from a strong dollar.

Garthwaite listed Rolls-Royce and HSBC among the likely winners, and Alcatel Lucent and Nokia among potential losers.

Economic indicators this week could add to recent signs that the world's major economies are losing momentum at a time when price pressures threaten to erode corporate profits and hit consumer confidence further.

Britain was expected to announce producer prices data on Monday and consumer inflation figures on Tuesday. The United States will announce its consumer price index data on Wednesday. On Thursday, the euro zone will also announce its consumer price index data, along with first quarter gross domestic product data. Japan's first quarter gross domestic product data are due on Friday.

The high price of oil would certainly weigh on growth. Credit Suisse estimates that oil at $120 a barrel takes 0.6 percent off the U.S. GDP and adds 1.2 percent to inflation. On Friday, U.S. crude hit a record high of $125.96 a barrel.