Dollar Hits New Record Low Against Euro

The U.S. dollar hit a new all-time low Thursday against the euro, which reached US$1.3483 after a mixed economic report from the U.S. Commerce Department.

The euro hovered around the previous mark of US$1.3470, set Dec. 7, in light European trading for most of the day before spiking after the report.

The 12-nation currency has risen sharply since September, when it was trading for around US$1.20, over persistent concerns about the ballooning U.S. trade and budget deficits.

The Commerce Department reported that consumer spending grew by a modest 0.2 percent in November, slightly weaker than the 0.3 percent that had been forecast by analysts and far short of the 0.8 percent reported for October.

At the same time, incomes grew 0.3 percent in November, more than the 0.2 percent that had been forecast. Still, income growth was weaker than in October, when it hit 0.6 percent.