Euro hits seven-week dollar high after German vote

The euro hit a seven-week dollar high Wednesday after German lawmakers gave Angela Merkel a broad mandate to boost the eurozone bailout fund but pulled back in nervous deals before the EU debt crisis summit.At 1315 GMT, the European single currency hit $1.3975, the highest level since September 8.However, soon afterwards the shared eurozone unit sank as low as $1.3865 in volatile trade. That compared with $1.3904 in New York late on Tuesday.Chancellor Merkel won the backing of 503 members of Germanys 620-strong Bundestag lower house of parliament, while 89 voted against and four abstained, during a special session in which she said the euros weaknesses must be resolved now or ... never.Merkel arrived later in Brussels where hopes were fading that European leaders will come up with the answers to the eurozone debt crisis at a summit crucial for the global economy.Investors remain focused on Brussels, where leaders will gather from 1600 GMT for their second summit in three days on the long-running crisis.