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Euro Hits Record High Against US Dollar


The euro has hit an all-time high against the U.S. dollar, climbing to 1.2940 in late trading Friday.

The rise of the 12-nation currency surpasses the previous record of 1.2927 in February of this year.

Traders say they were struck by the dollar's inability to sustain a rally earlier Friday following the release of a strong U.S. employment report.

Analysts say the euro's increase was due to concerns over the U.S. trade and federal budget deficits, as well the high price of oil.

French President Jacques Chirac said he was concerned with the downward trend of the dollar and called for action by the European Central Bank.

A stronger euro makes European exports more expensive.

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