Euro sets record against U.S. dollar

Frankfurt, Germany -- The onrushing euro broke through $1.41 to a record high against the U.S. dollar Friday.

The thrust prompted new calls for the European Central Bank to follow the U.S. Federal Reserve and cut interest rates.

The currency of the 13 euro nations surged as high as $1.4119 before settling at $1.4056 by afternoon. That was less than the $1.4076 it bought Thursday in New York, The Wall Street Journal said.

The dollar slid to $2.0139 against the British pound from $2.0099 late Thursday. It rose slightly against the Japanese currency to 115.61 yen from 114.44 yen. The U.S. dollar hit parity Thursday against the Canadian dollar for the first time since 1976 before rising slightly.

The dollar's slide this week came on the back of a decision by the Federal Reserve to cut its benchmark rate by a bigger-than-expected half a percentage point to 4.75 percent.

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Copyright 2007 by United Press International.