Euro at New High Against Dollar

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BERLIN — The euro continued its relentless climb on Friday, reaching a record high of $1.5651, while the dollar again dipped below 100 Japanese yen.

The rate in Asian trading was the latest in a string of all-time highs for the euro, which had hit $1.5625 on Thursday.

It had settled back to $1.5613 by early morning in Europe. The British pound rose to $2.0327 from the $2.0292 it bought in New York late Thursday.

The dollar, which on Thursday fell below 100 yen for the first time since late 1995, again dipped as low as 99.85 yen before recovering somewhat to 100.33 yen.

The dollar has been weighed down by worries about the outlook for the U.S. economy, which in turn have fed expectations that the Federal Reserve will continue to lower interest rates.

Lower interest rates can jump-start a nation's economy, but can also weigh on its currency as traders transfer funds to countries where they can earn higher returns.

The European Central Bank has taken a tough anti-inflation stance and has shown no inclination so far to cut rates for the 15-nation euro zone.

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