Euro sets new record in trading

The euro was quoted at $1.1885 at around 11 a.m. Tuesday, up from $1.1814 late Monday in Tokyo. The euro previously peaked at $1.1884 on Jan. 4, 1999 three days after its launch. Against the yen, the euro bought 138.65 yen Tuesday morning in Tokyo, up from 138.08 yen. The dollar has slid rapidly against the European currency over the last two weeks after remarks by U.S. Treasury Secretary John Snow that markets took as meaning Washington was only too happy to see the dollar fall. A lower dollar helps U.S. exporters by making their goods cheaper abroad.