London - The euro set a new record against the dollar in early trading on Wednesday, breaking the key $1.29 level to reach a high of $1.2922.
The European currency then settled above that rate, changing hands at $1.2910 compared with $1.2850 in late Tuesday trade.
The euro's previous record high was $1.2898, hit on January 12.
The dollar has been weakening recently against major currencies as concerns about the US economic imbalances, especially the US huge current account and budget deficits, weigh on the US unit.
The euro's new high against the US unit comes after US Treasury Secretary John Snow repeated the long-standing US support for a "strong dollar", a policy to which market participants pay little attention given the currency's weakness. - AFP