The euro climbed to a new high against the U.S. dollar, rising as high as $1.4752 before pulling back to $1.4673. Previously the high was $1.4730, breaking that mark on Wednesday. Since January 1, 2007, the dollar has fallen 12 percent against the euro.
The dollar has dropped against a number of European currencies and the yen since Thursday's announcement by Federal Reserve Chairman Ben Bernanke that economic growth in the U.S. would slow over the months ahead, as oil prices increase, which will keep inflation rising.
Against the yen, the dollar also plunged to an 18-month low, dropping to 110.52 yen, before bouncing back a little to 111.07.
It also weakened against the Swiss franc, coming in at 1.1247 france, from Thursday's 1.1268.
The dollar did rise against the British pound, increasing to $2.1161 before dropping back to $2.0909. On Thursday it was at $2.1087.
It also increased against the Canadian dollar, rising to 94.15 Canadian cents from 93.89 Canadian cents Friday. The Candian dollar has surged 20 percent over the U.S. dollar so far this year. On Wednesday it rose to $1.1039, the highest level in the post-1950 era. A lot of the strength of the Canadian dollar has been based on the strong exports of commodities like gold and oil.
With most believing the Federal Reserve will probably cut interest rates again to boost the economy, they believe the strength of the U.S. dollar will continue to fall for some time ahead.
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