Euro hits new all-time high against U.S. dollar

Euro hits new all-time high against U.S. dollar

May 27, 2003

TORONTO, CANADA- The euro rose to a new all-time high against the U.S. dollar on Tuesday as the greenback continued to weaken.

The European common currency was trading at $1.1897 US. It's previous high was $1.1884 on January 4, 1998, just three days after the currency was launched.

Prolonged economic weakness in the United States, coupled with recent comments from U.S. Treasury Secretary John Snow about letting markets determine the value of the American dollar, has sent the greenback down against many foreign currencies.

Over the past 16 months, the euro has climbed from its low of 82 cents US.

The Canadian dollar, meanwhile, has also gained as currency traders dumped U.S. dollars. The loonie hit a six-high year high of 74.04 cents US last week before pulling back as inflation fears eased in Canada. The loonie is now trading just under 73 cents US.

Against the Canadian dollar, the euro was trading Tuesday at $1.6355 Cdn, up 0.52 of a cent.

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