U.S. dollar gains from record low vs. euro

New York -- The U.S. dollar hit a new low against the euro Wednesday before regaining strength amid growing concerns about the U.S. economy.

The European single currency hit a record $1.4162 in Asian trading, but later eased to $1.4123 in Europe.

It edged up from Europe's close to finish in New York at $1.4125. It then rose to $1.4127 after hours.

The 13-nation euro reached its previous record high of $1.4153 Tuesday after reports said U.S. consumer confidence and existing-home sales fell.

The Canadian dollar slipped further from parity with the U.S. currency, closing at 1.0042 Canadian dollars to the U.S. dollar, or 99.58 U.S. cents, down from Tuesday's 1.0036 Canadian dollars to the U.S. dollar, or 99.64 U.S. cents.

The U.S. dollar stood at 115.55 yen at the close Wednesday, up from 114.73 yen late Tuesday.

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Copyright 2007 by United Press International.