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MEDIAWATCH

France's First Round Controversies

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THE CAMPAIGN BEAT

"Front National" makes it to the second round for the first time since 2002

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THE DEBATE

Macron vs. Le Pen: Unprecedented Choice in French Presidential Election (part 1)

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THE DEBATE

Macron vs. Le Pen: Unprecedented Choice in French Presidential Election (part 2)

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ENCORE!

Khatia Buniatishvili, the 'pop star pianist'

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IN THE PAPERS

French press review: Macron 'just a step away' from Elysée Palace

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THE CAMPAIGN BEAT

Will the traditional alliance against France's National Front work in round two?

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TALKING EUROPE

Greek Cypriot negotiator: 'We regret that Turkey is distancing itself from Europe'

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TALKING EUROPE

Trump's intervention in Syria: How should the EU respond?

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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

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