Euro soars higher against U.S. dollar

Traders are selling dollars expecting more falls on Wall Street equity markets. This week the euro has continued to climb after breaking through the highly significant parity level on Monday trading just above 1 dollar 1 cent on Friday. The greenback has weakened sharply since January, amid increasing concerns at the country's ability to fund its huge current account deficit and effectively balance its books. Experts say the U.S relies heavily on capital flowing in from abroad to offset its huge trade imbalance. Any sign U.S. assets whether in the form of companies or shares for example are losing their appeal makes the dollar extremely vulnerable although many had long argued it was overvalued. But economists are concerned at the both the speed of the dollar's fall and euro's rise.