Don't miss

Replay


LATEST SHOWS

ACROSS AFRICA

New HIV vaccine under trial in South Africa

Read more

EYE ON AFRICA

Vote count under way in Ghana after tight presidential poll

Read more

EYE ON AFRICA

Cameroon: Several people killed in clashes with police in Anglophone region

Read more

MEDIAWATCH

Polish Christmas video goes viral

Read more

THE DEBATE

Power to the People? Battle over Brexit and Parliamentary Democracy (part 1)

Read more

THE DEBATE

Power to the People? Battle over Brexit and Parliamentary Democracy (part 2)

Read more

FOCUS

Video: Iraq's 'Golden Division' troops in the battle for Mosul

Read more

TALKING EUROPE

Italy faces shortage of young farmers

Read more

ENCORE!

The Rolling Stones pay homage to the blues with new covers album

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)