Euro
breaks through $1.60 as dollar slumps to record low
NEW YORK (AP) — The euro roared
to another record high April 22, crossing $1.60 for the first time ever after a
pair of European Central Bank governors said high inflation may cause the bank
to raise interest rates.
The U.S. dollar also fell against the Japanese yen and the
British pound.
The euro rose as high as $1.6018, more than a penny above
the $1.5916 it bought late April 21.
The 15-nation currency, which was introduced in 1999, has
traded as low as 82 cents. It has surged recently, rising 20 cents against the
dollar in just five months and 10 cents in just two months.
The euro hit its last record of $1.5982 April 17. It
dropped back the next day after a Wall Street rally generated optimism that the
worst of the U.S. credit crunch may be over, but the euro rose again Monday
when Bank of America’s first-quarter earnings fell short of expectations.
The dollar’s slump is a boon for U.S. companies that rely
heavily on exports, but it’s the bane of travelers as worldwide inflation
rises, air fares climb and prices rise in dollar terms for everything from beer
in Munich to fine wine in Paris to gondola rides in Venice.
Existing
home sales fall in March
WASHINGTON (AP) — Sales of existing homes fell in March,
the seventh drop in the past eight months, as the spring sales season got off
to a rocky start.
The median price of a home was down compared with a year
ago, and some economists predicted home prices could keep falling for many more
months given all the troubles weighing on housing, from a severe credit crunch
to a rising tide of foreclosures.