The dollar fell to a new low against the euro in European trading Wednesday morning on investors' continuing concerns about weaknesses in the U.S. economy. Gold prices rose.
The euro hit a new high of $1.3646, exceeding the record $1.3643 set in European trading Tuesday morning. Later, it fell back to $1.3625.
Dealers said there was nothing to tempt investors to buy the dollar, which has suffered in recent weeks over fears about the size of the U.S. fiscal and budget deficits and the Bush administration's apparent hesitancy to intervene to prop up the currency.
Other dollar rates:
--103.33 Japanese yen, up from 103.21
--1.1329 Swiss francs, down from 1.1360
--1.2179 Canadian dollars, down from 1.2211
The British pound was quoted at $1.9285, down from $1.9288
Gold dealers in London fixed a price of $443.50 bid per troy ounce at midmorning, up from Friday's closing figure of $442.20. European gold and silver markets were closed Monday and Tuesday for public holidays.
Gold traded at $443.38 in Zurich, up from $441.88 on Friday.
Gold fell $5.85 in Hong Kong to $439.05.
Silver opened in London at $7.00, up from $6.89 on Friday.