Dollar hits new record low against euro
Afp, Tokyo
The dollar touched a fresh record low against the euro in Asian trade Monday, hit by jitters about US housing market problems and heavy falls on Wall Street at the end of last week, dealers said. The euro rose as high as 1.3845 dollars in early Tokyo trading, beating its previous all-time best of 1.3843 seen on Friday. By mid-afternoon, the euro stood at 1.3829 dollars, up from 1.3820 on Friday in New York. The dollar was at 120.92 yen, close to a six-week low, after 121.26 in New York. The euro eased to 167.22 yen from 167.70. "The dollar remains weak because of concerns about the US housing market and worse-than-expected corporate earning reports which weighed on stocks," said Kikuko Takeda, currency research manager at the Bank of Tokyo-Mitsubishi UFJ. Disappointment over company results and worries about problems in the US sub-prime mortgage sector -- loans to homeowners with patchy credit histories -- caused sharp falls on global equity markets on Friday.
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