September 26, 2007	Wednesday	Ramazan 13, 1428

LONDON, Sept 25: The euro smashed another record on Tuesday against a steadily weakening US currency, rising to $1.4154 on renewed fears for the health of the US economy, the world’s largest.The euro broke its previous daily record, $1.4130, on Monday, on news that US consumer confidence had fallen to a near two-year low in September and that sales of existing homes had declined 4.3pc in August.

The single European currency was later trading at $1.4130.

“It continues to be all bad news from the US economy, with today’s data showing continued weakness in the housing sector and a weakening consumer confidence,” said analyst Audrey Childe-Freeman of the Canadian Imperial Bank of Commerce.

The Conference Board, a business research group, said its consumer confidence index fell to 99.8, down from a revised 105.6 in August.

The confidence reading was sharply below Wall Street forecasts of 104.5 and was at its lowest since 98.3 in November 2005. Last month the index dropped from 111.9 in July.

“Weaker business conditions combined with a less favourable job market continue to cast a cloud over consumers and heighten their sense of uncertainty and concern,” said Lynn Franco, the group’s research director.

Separately, the ailing US property market got more bad news as an industry report showed existing home sales fell 4.3 per cent in August and that the glut of unsold properties rose further.

—AFP