UPDATE: Dollar continues fall

Source: Exec Digital USA

Date :11/23/2007 5:52:25 AM

The dollar hit new record lows against the euro on Friday amid growing belief that the U.S. Federal Reserve will cut interest rates again next month.

The euro -Europe's single currency – peaked at 1.4928 dollars in afternoon Asian trade, up from 1.4875 reached Thursday.

In late New York trades on Wednesday the euro was at 1.4854 before US markets closed for the Thanksgiving holiday on Thursday.

The euro traded at 160.52 yen from 161.07 yen, and was at 0.7195 against the pound from 0.7201.

Asian currency

The Yen was also hit, easing from the Wednesday's 2 ½ year peaks versus the dollar.

The dollar fell to 107.55 yen, the lowest since June 10, 2005, before trading at 108.02 yen at 8:57 a.m. in London from 108.44 yen in New York yesterday.

The greenback dropped 0.2 percent to 7.4036 against China's yuan and fell as much as 1.1 percent to a record low of 1.0890 against the Swiss franc.

It also dropped 0.2 percent to 2.0662 versus the British pound.

November 23, 2007