Dollar hits record low against Euro
New York: The US dollar on Thursday hit an all-time low against the euro, which topped $1.35 for the first time after a mixed economic report from the US Commerce Department. The euro has risen sharply since September, when it was trading around $1.20 over persistent concerns about the ballooning US trade and budget deficits.

The US Commerce Department reported that consumer spending grew by a modest 0.2 per cent in November, slightly weaker than the 0.3 per cent that had been forecast by analysts. Analysts believe the US is content to let the dollar fall because it has been making American exports cheaper.

But Europe's economic recovery is export-driven, and the strong euro has either been making European goods more expensive overseas or cutting into producers' profits as they try to hold prices steady.
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