Euro Hits New High Against U.S. Dollar

July 10, 2007
Euro Hits New High Against U.S. Dollar

The euro soared to an all-time high against the U.S. dollar on Tuesday, topping the $1.37 mark as key U.S. retailers and homebuilders lowered their growth forecasts, causing more concern about the American economy.

Along with the rise in the pound, the stronger euro also makes visits to much of Europe more expensive for travelers from elsewhere and makes shopping trips to the U.S. more appealing to Europeans.

"The dollar is a basket case," said Peter Schiff, president of Euro Pacific Capital Inc. "We are going to pay the piper for years of having the underlying fundamentals of our economy disintegrate beneath our feet."