U.S. dollar hits all-time euro low

New York -- The troubled U.S. dollar dropped to an all-time low against the euro Friday as well as against Australian and Canadian dollars.

The euro was at $1.4367 in morning trading, up from $1.4313 against the dollar late Thursday.

The U.S. dollar also dropped to a 33-year low against the Canadian dollar and a 23-year low against the Australian dollar. The British pound approached the 26-year highs it reached in July.

The dollar rose against the yen but its drop against several Asian currencies prompted intervention from some central banks, reports said.

The movement was being driven by Thursday's disappointing raft of economic indicators from the United States, The Wall Street Journal said Friday.

The situation has heightened investors' fears about the economic impact of the mortgage market meltdown and strengthened expectations of an interest rate cut by the Federal Reserve at its meeting next week, the Journal reported.

© 2007 United Press International.