Dollar in new low against euro

Dollar in new low against euro

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The dollar saw new lows against the euro and sterling early in the London session on Wednedsay after worries about the subprime mortgage sector intensified.

The greenback was at $1.3833 versus the euro at one point, a new record low, while it dropped to a new 26-year low against sterling at $2.0548 before it recovered slightly to trade even against the euro at $1.3783 in late morning trade in London.

At the same time, sterling remained 0.2 percent higher versus the US currency at $2.0510 after some declines when the minutes of the most recent Bank of England meeting showed that the vote to raise interest rates was a 6 to 3 split.

The pound still managed at 0.1 percent gain to £0.6725 versus the shared currency.

Meanwhile, the yen was stronger after the US dollar and the euro each dropped 0.1 percent versus the Japanese currency, to ¥122.02 and ¥168.23 respectively.