November 25, 2007	Sunday	Ziqa’ad 14, 1428

NEW YORK, Nov 24: The dollar remained weighed down on Friday by concerns that the world’s largest economy could lose momentum in future months leading to fresh interest rate cuts.

The lingering worries propelled the euro to a new record high against the US currency of $1.4967 in Asian trading before the euro retreated in later European and US trading.

The euro stood at $1.4833 in mid-afternoon trading in New York, marginally lower from 1.4850 late on Wednesday. The US market was closed Thursday due to the Thanksgiving Day holiday.

The US currency has fallen sharply this year against other world currencies amid a persistent housing slump and an associated credit squeeze which is buffeting economic growth.

The Federal Reserve’s move to cut US interest rates in September and October also pressured the dollar as speculators generally prefer to invest in countries where interest rates are expected to move higher.

Eurozone exports, meanwhile, are suffering from the euro’s sharp rise in value against the dollar, yen and Chinese yuan.

In New York afternoon trade, the dollar stood at 1.1023 Swiss francs from 1.1016.—AFP