Don't miss

Replay


LATEST SHOWS

EYE ON AFRICA

Alpha Condé reacts to Dadis Camara's bid to return home

Read more

MEDIAWATCH

'We need an American in every train compartment'

Read more

THE WORLD THIS WEEK

When China Sneezes: World markets rattled by bubble burst (part 2)

Read more

THE WORLD THIS WEEK

Desperate to get to Europe: How to handle migrant surge? (part 1)

Read more

FRANCE IN FOCUS

Behind the scenes of France's National Assembly

Read more

#TECH 24

Saving water, one shower at a time

Read more

FOCUS

Katrina, ten years on: Young survivors still grapple with trauma

Read more

ENCORE!

Has New Orleans got its groove back?

Read more

REPORTERS

Meet the French troops hunting jihadists in Sahel

Read more

Euro breaks record $1.60 mark

Latest update : 2008-04-22

The dollar dropped to a new low against the European single currency, as new data point to the US property market slump caused by the subprime mortgage crisis.

The euro jumped to a record 1.6002 dollars here Tuesday after weak US housing market data added to fears over the health of the US economy.
   
The dollar fell after a report showed that sales of existing US homes fell 2.0 percent in March, underscoring the extended slump in the housing market in the fallout from the subprime home loan crisis.
   
The National Association of Realtors said the annualized sales pace was 4.93 million, weaker than the 4.95 million expected by Wall Street economists.
   
The report also showed a 19.3-percent plunge year-over-year in existing home sales, the largest segment of the housing market.
   
The data reflected a meltdown in the property market after years of sizzling growth and a speculative bubble.
   
The boom-and-bust has slammed the entire economy, leading to rising foreclosures and massive losses for banks, and threatening to drive the US economy, the world's largest, into recession this year.
   
 

Date created : 2008-04-22

COMMENT(S)