Euro US dollar parity to 1.2328 dollars, lowest since April 2006

TOKYO, October 28, 2008 (AFP) – The euro dropped to 1.2328 dollars in Asian trade on Tuesday, the lowest level since April 2006, pressured by growing fears of recession in Europe. The euro later recovered slightly to 1.2357 dollars, still sharply lower compared with its level of 1.2520 dollars in New York overnight. Worries about the health of the eurozone economies grew following a very weak German business confidence survey. The dollar meanwhile continued to benefit from its traditional safe haven status as stocks plunged again.