Dollar at new record against the euro, at multiyear lows against yen (Bloomberg) (14-03-2008)

March 14 (Bloomberg) -- The dollar fell to a record against the euro and approached a 12-year low versus the yen on concern widening credit-market losses will threaten hedge funds and other financial institutions.

The currency headed for a fifth weekly decline against the euro before an industry report may show U.S. consumer confidence fell to a 16-year low, giving the Federal Reserve more reason to cut interest rates. The failure of a Carlyle Group fund this week and a slump in Bear Stearns Cos. shares yesterday renewed concerns about credit-market losses.

The dollar dropped as low as $1.5651 per euro, the weakest since the European currency's debut in 1999, before trading at $1.5609 as of 7:10 a.m. in London, from $1.5635 yesterday. The currency also slipped to 100.43 yen, after weakening to 99.85 yen, the second day it has traded below 100. The dollar traded at 1.0092 versus the Swiss franc from 1.0093 yesterday, when it slid to a record low of 1.0045 Swiss francs. The yen rose to 156.67 per euro from 157.35.

Source: Bloomberg