August 16, 2007	Thursday	Sha’aban 2, 1428

LONDON, Aug 15: The euro fell to its lowest level against the dollar since the end of June on Wednesday as the US unit continued to draw strength from its safe-haven status amid ongoing turmoil on financial markets.

In late European trade, the European single currency dropped to $1.3457 -- the lowest point since June 29.

The euro later stood at $1.3483, which compared with $1.3532 late in New York on Tuesday.

“The US dollar continues to strengthen in the wake of the subprime/credit market flush-out as it still remains the global reserve currency of choice,” ABN Amro economist Dustin Reid said.

The yen was also gaining owing to current market woes, shooting up to four-month highs against the dollar and the euro on Wednesday as traders continued to unwind risky “carry trades,” dealers said.

On the London Bullion Market, the price of gold fell to $667.25 per ounce from $668.35 late on Tuesday.—AFP