Dollar Reaches New Low

The dollar hit an all-time low against the euro, which hit above $1.35 after a mixed economic report from the Commerce Department. The euro's spike may have something to do with a reduction in trading just before the Christmas holiday, said Adrian Hughes, a currency strategist with HSBC in London. The 12-nation currency has risen sharply since September, when it was trading for around $1.20, because of persistent concerns about the ballooning U.S. trade and budget deficits. The previous high of $1.3470 was set Dec. 7. The dollar also fell against other rivals, with the British pound rising to $1.9201 and the Japanese yen rising to 103.70. The dollar fell to 1.1440 Swiss francs and 1.2334 Canadian dollars. [more]