Euro Reaches Record High

The euro reached a new record high against the dollar on Friday as concerns about the large U.S. current account deficit returned to haunt the greenback. The single European currency rose to $1.2017 midway through the European session of trading. It later retreated to $1.2007. The move came hot on the heels of its previous all-time peak of $1.1979 set on November 19. Dealers said there had been no particular trigger for the upswing, which came amid thin trading volumes after Thursday's Thanksgiving Day holiday in the United States. The dollar is currently suffering from concerns about the large current account and budget deficits in the U.S., as well as global trade tensions and the almost insatiable appetite of American consumers for foreign goods.