Monday, October 22, 2007
US Dollar Touches a New Euro Low
The US dollar tumbled to a new euro low in Asian trade as concerns over the state of the US economy deepened. The euro traded as high as $1.4348, breaking its last record set on Friday when one euro brought $1.4319. The sell-off triggered on Friday by a profit warning from building equipment giant, Caterpillar, prompting concerns over the slowing US economy. But the dollar bounced back to trade at $1.4146 against the euro bloc's currency in the afternoon trade in London.The greenback also slipped to a six-week low against the Japanese yen on Monday, touching 113.25 yen at one point, but gained against the British pound to trade at $2,0315 after initial falls.