LONDON (AFP) — The dollar plumbed new depths against the euro Thursday but later managed to claw back some lost ground despite fresh signs of US housing market woes.
The single European currency shot to a new record, 1.4189 dollars, for the sixth straight day before slipping back to 1.4134 dollars, against 1.4125 on Wednesday.
The euro recorded its gains before the publication of several US indicators that were seen as mixed at best.
Second quarter economic growth was revised downward from 4.0 percent to 3.8 percent, a still respectable figure that seemed to have little impact on the currency market.
But sales of new US homes were reported to have plunged to their lowest level in seven years in August, when median sale prices dropped by their sharpest in 37 years.
Some 795,000 new homes were sold, down 8.3 percent and lower than initial forecasts for a smaller decline to 825,000.
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