22 December 2003, 13:02  Euro rises above $1,2440 for first time

LONDON, Dec 22 - The euro climbed to the latest in a series of record highs against the dollar on Monday, reaching above $1.2445 in thin pre-holiday trade and aided by European corporate hedging interest. "European corporates are still keen to hedge dollar weakness going into next year," said Steven Pearson, chief currency strategist at Halifax Bank of Scotland. "In a thin market it is easy to get a spike higher." By 0940 GMT the euro had hit $1.2447, according to data, to stand half a percent higher on the day. But its surge higher faded just short of a resistance level on the technical charts pencilled in at $1.2450.//

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