Euro Hits New Low in Early Trading

The euro plunged for a third day early today in Tokyo to an all-time low against the dollar as investors and traders sold the euro on expectations Europe won’t raise interest rates to support the currency, traders said. The European common currency has fallen since European central bankers last week doused expectations they would raise interest rates Thursday at a policy-setting meeting. “Everybody dumped the euro aggressively after the currency hit the record of 96.60 cents,” said Ryuichi Takami, vice president for foreign exchange at Sanwa Bank Ltd. in Tokyo. “The euro extended losses against the yen, helping to push down the dollar against the yen as well.” The euro tumbled to an all-time low, briefly dipping below 95 cents, down from 97.49 in late New York trading Friday. It plunged to 104.38 yen from 107.66 yen in New York, the weakest since Feb. 1. The dollar fell to 108.95 yen, the weakest since Feb. 16, from 110.47 yen Friday.