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Sun, Oct 22, 2000 EDT
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Euro Falls to All-Time Low Against Dollar
LONDON — The euro fell against a broadly stronger dollar Monday, sliding below $1.10 for the first time since it was launched at the start of the year.

Michael Urban/Reuters
The euro has dropped by nearly eight percent against the dollar since its launch on Jan. 4

Dollar gains were triggered after the Group of Seven leading industrial nations said nothing at their weekend meeting to indicate they would stand in the way of its strength. The euro has also been hit by weakness in the key euro zone economies and the perception that the European authorities are not overly concerned about their currency's weakness.

G7 finance ministers and central bankers, who met Saturday, said currencies should reflect economic fundamentals and agreed to work together to avoid excess volatility and significant misalignments of exchange rates.

However traders drove the dollar higher against the euro and pushed it to two-and-a-half-month highs against the yen as the G7 made no mention of specific currencies.

The euro, which fell to a low of $1.0985 Monday, has dropped by nearly eight percent against the dollar since its launch on Jan. 4.

Speculation that the euro zone economy is losing momentum fast enough to warrant lower interest rates has also undermined the single currency. It also fell to a new life low of 67.78 pence against the British pound Monday, down more than six percent since its birth.

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