U.S. Dollar Sinks to Record Low
Tuesday, November 20th, 2007BERLIN — The U.S. dollar sank to record lows Tuesday as traders looked to Washington for new housing data.In morning European trading the euro bought $1.4787, up from $1.4667 late Monday in New York. The British pound rose to $2.0639 from $2.0497 in New York, while the dollar rose to purchase 110.20 Japanese yen from 109.85 .
The euro and the pound have been climbing steadily against the dollar since August amid fears for the health of the U.S. economy, stoked by the subprime credit crisis. The euro hit its previous all-time high of $1.4752 on Nov. 9.
Traders were looking ahead to Washington’s release later in the day of data on housing starts and building permits to help give some direction in currency markets.
In a thin trading week with the Thanksgiving break in the United States, along with a three-day weekend in Japan, the only other major release from the U.S. comes Wednesday with a report on jobless claims.
