Euro finance chief concerned as dollar hits new low

The euro has peaked at one dollar and 48 cents for the first time ever. Although it then retreated slightly before stabilising, the euro's new landmark has prompted concerned words from the European finance chief.The greenback's depression has been caused by the US mortgage crisis and the knock-on effect on American banks.The growing strength of the euro against the dollar may deflect the blow of costly oil, which is bought in dollars, but its a burden for Europe's exporters.The Eurozone's chief finance minister, Jean-Claude Juncker, has said the situation has not yet hampered exporters' market share in other parts of the world. But he warned that this could quickly change.Juncker has said the Eurozone deplores sudden changes in exchange rates and that its ministers are keeping a very close eye on matters.He leads a Eurozone delegation to China next week to urge Beijing to revalue its currency, the Yuan, which he has claimed is up to 25 percent too weak.As for action in the US, the Fed is expected to lower interest rates to 4.25 percent when it meets in December. It may even do so before then
Source. Euronews.