LONDON, Nov 14: The dollar fell close to a new record low against the euro here on Wednesday as a weak US retail sales figure bolstered speculation of another cut in US interest rates by the Federal Reserve.
The single European currency was at $1.4672 in late-day trade after $1.4600 late Tuesday in New York. The euro at one point rose to $1.4725, just off its record $1.4752, set on November 9.
The dollar was meanwhile trading at 111.41 yen against 110.90 on Tuesday.
US retail sales, a vital piston of economic growth, showed a lacklustre gain of 0.2 per cent in October as US consumers checked their spending, a government report showed on Wednesday.
Economists had expected sales to moderate last month amid a prolonged housing market slump and a related credit crunch as consumers were squeezed by higher gasoline prices.
The Commerce Department said retail sales cooled from a revised 0.7 per cent gain in Sept.
October’s reading was the weakest since August when sales rose just 0.1 per cent and appeared to strengthen prospects for a further easing in Fed monetary policy this year, which would make the dollar less attractive to investors.—AFP
