Source AP ©

Euro up slightly vs US dollar

The euro well short of the all-time high it reached last week though it traded slightly higher against the dollar on Monday.

The euro bought US$1.4844 in afternoon European trading on a day short of significant economic data, just above its level of US$1.4838 in New York on Friday.

The 13-nation euro hit an all-time high of US$1.4966 earlier in Friday's session, the latest in a string of recent records.

The British pound rose to US$2.0670 Monday from US$2.0612 in New York late Friday. The dollar, however, was up slightly to 108.37 Japanese yen from 108.18 yen.

The euro, the pound and other currencies have been climbing steadily against the dollar since August amid fears for the health of the U.S. economy, stoked by the subprime credit crisis.

The dollar has been further weakened by interest rate cuts, which can be used to jump-start an economy, but can also weaken a currency as investors transfer funds to countries where they can earn higher returns.

The Federal Reserve has already cut rates twice and speculation is growing that as the subprime fallout continues, it will be forced into another cut.

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