Euro hits new 4-year low against dollar
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The euro hit another four-year low against the dollar on Tuesday as worries that European banks could still face large loan losses next year added to concerns about the continent's economic outlook.
The euro hit $1.2112 in European trading - its lowest since it sank as far as $1.2029 in April 2006 - before pulling back up to $1.2169, still below the $1.2243 it bought a day earlier. The European Central Bank said late Monday that although it estimates that potential loan write-downs for the continent's bank system will peak this year, "it is probable that loan losses will remain considerable in 2011 as well." (AP)
