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Dollar sinks to new lifetime low vs euro

Reuters, London
The dollar sank to a new lifetime low against the euro on Tuesday after a warning by European officials on the euro’s rise went unheeded by investors determined to dump the US currency.
In a joint statement late on Monday, the European Central Bank and euro zone finance ministers gave their starkest warning to date that they were unhappy with die euro’s strength.
But the dollar, under pressure from concerns about the massive US current account deficit, touched an all-time low near $1.3468 and a 12-year low against sterling beyond $ 1.95 early in the European session.
" Ilie comments from the (euro group) meeting were largely repeating previous statements and they
are not going to stem the current rise in the euro," said Ian Stannard, foreign exchange strategist at BNP Paribas.
Stannard also said a report in the Wall Street Journal Europe questioning the U.S. government’s triple-A bond rating hurt the greenback.
A trader at a US bank said the WSJE article, which canvassed investors’ opinions on the US' rating, triggered selling in a market already prepared to take the dollar lower.
"I don’t believe there would be a downgrade but the initial reaction was to sell the dollar, then it hit stop losses,” the trader said.
By 4:25 a.m. EST, the dollar stood at $ 13446per euro, down a third of a percent from New York levels. It fetched 102.54 yen, down 0.6 percent on the day.
The dollar initially bounced after the euro zone finance ministers' statement late on Monday saying that sharp moves in exchange rates were unwelcome and that they were closely monitoringswings.
The comments fueled jitters over potential central bank intervention in the currency markets.
"The justification for intervention has clearly risen,” said Mitul Kotecha, head of foreign exchange research at Calyon, in a note to clients.
'But in our view the risk of intervention is far higher on a break of $1.40," he added.
Belgian Finance Minister Didier Reynders said on Tuesday that the statement was a clear message to the United States and it was up to the United States to do something about the imbalances in its economy.