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Dollar Sinks to New Low Against Euro
LONDON (AP) - The U.S. dollar sank to another record low against the euro in European trading Wednesday morning. Gold prices rose.
The euro hit a record high of $1.3167 in morning trading, then eased to $1.3150, up from $1.3085 late Tuesday. The 12-nation European currency's previous peak was $1.3105 reached Tuesday.
The recent rally has taken the euro from $1.20 about two months ago, driven primarily by concerns over the U.S. trade and budget deficits.
The latest surge comes after a weekend meeting of the finance officials from the Group of 20 industrial and developing countries failed to deliver any signal of concerted action to boost the dollar.
Other dollar rates compared with late Tuesday included: 102.96 Japanese yen, up from 103.41; 1.1514 Swiss francs, down from 1.1572, and 1.1804 Canadian dollars, up from 1.1882.
The British pound was quoted at $1.8780 up from $1.8695.
Gold dealers in London fixed a recommended price of $448.65 at midmorning, up from $448.40 late Tuesday. In Zurich, the bid was $448.63, up from $448.33. Gold rose $1.90 in Hong Kong to $448.35.
Silver opened in London at $7.54 bid per troy ounce, up from $7.52.
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11/24/2004 07:06 APO
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