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Last Updated: Monday, 24 September 2007, 11:33 GMT 12:33 UK
Euro sets yet another dollar high
Euro coins on dollar note
The high value of the euro is not good news for European exporters
The euro has set another record high against the dollar, as the value of the greenback continues to fall following last week's cut in US interest rates.

In early Monday trading, the euro touched as high as $1.4130 before falling back slightly to $1.4117.

The higher value of the euro has led to fears over job cuts in Europe, as it makes exports to the US more expensive.

Separately, gold prices are near a 28-year high, while oil has fallen. US crude lost 58 cents to $81.04 a barrel.

Oil prices have fallen back from last week's record highs thanks to production returning to normal in the Gulf of Mexico after a storm caused a number of production cuts.

London's Brent crude was down 78 cents to $78.52 in early afternoon trading in Europe.

Airbus warning

The US Federal Reserve's cut in interest rates last week, from 5.25% to 4.75%, was aimed at restoring confidence in the financial markets and in the housing sector.

Money changer exchanges euros for dollars
The high value of the euro is not good news for European exporters

The knock-on effect of further reducing the value of the dollar led to pan-European planemaker Airbus warning last week that it may have to make further job cuts if the euro continues near its current highs.

Gold was trading at around $750 an ounce in early Monday afternoon trading in London, just short of a near three-decade high.

The value of the metal usually rises in times of global markets turmoil, as it is seen as a traditional haven in uncertain times.




SEE ALSO
Jobs fears as euro gets stronger
21 Sep 07 |  Business
Dollar hits new low against euro
20 Sep 07 |  Business
Airbus costs knock EADS profits
26 Jul 07 |  Business
Yuan hits new high versus dollar
25 Jul 07 |  Business
European economy 'sound' - Trichet
11 Sep 07 |  Business
Dollar under continuing pressure
12 Jul 07 |  Business



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