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Dollar drops to record low vs euro

Other News Materials 3 November 2007 04:39 (UTC +04:00)

(Gulfnews) -The dollar dropped to a record low against the euro and a major currency basket yesterday, on persistent worries about credit and unreported losses at financial firms, which overshadowed a strong US payrolls report.

US stocks reversed early gains, led lower by the financial sector, and lifted the yen while keeping downward pressure on the dollar. The equities market has been hit hard in recent sessions by ongoing troubles at financial companies such as Citigroup and Merrill Lynch.

"The focus of the market right now is on the financial sector and we are tracking the stock market," said Brian Dolan, chief currency strategist at Forex.com in Bedminster, New Jersey.

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