December 05, 2006	Tuesday	Ziqa'ad 13, 1427

LONDON, Dec 4: The dollar staged a modest recovery here on Monday after earlier having fallen to its lowest point since March 2005 against the euro in Asian trading.

But economists said the recovery, which was also seen in Asia, was unlikely to last.

The single currency stood at $1.3326 in late European trade compared with $1.3337 in New York late on Friday.

The dollar was at 115.38 yen against 115.43 yen late on Friday.

In Asia the euro at one point surged to $1.3367, which was last seen in March 2005, and forged another all-time record of 154.18 yen.

Economist Simon Derrick with the Bank of New York said the dollar’s rise was likely to be brief, with the euro continuing to climb as eurozone politicians appear to have gotten used to the trend.

EU Economic and Monetary Affairs Commissioner Joaquin Almunia meanwhile said there was “no need to be alarmist” over the current strength of the euro against the dollar.—AFP