Reuters - Dollar hits new record low vs euro

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Dollar hits new record low vs euro

Thursday, Mar 13, 2008 8:54PM UTC

NEW YORK (Reuters) - The dollar extended losses late on Thursday, hitting fresh record lows against the euro, in selling driven by technical factors.

The euro rose to $1.5644 against the dollar for the first time since it was launched, according to Reuters data. It last traded at $1.5627.

A U.S. trader said stops in euro/dollar were triggered above $1.5630 .

Late on Thursday, Reuters reported that Venezuelan state oil company PDVSA is requiring payment in euros in a recently opened fuel export contract, citing a trader who has purchased a cargo under the contract.

But a trader at a U.S. custody bank said there was very little impact of the news on the euro. "The market thinks (Venezuela President Hugo Chavez) is not worth listening to. We ran stops above old high and came right back off on no volume."

(Reporting by Gertrude Chavez-Dreyfuss; Editing by Chizu Nomiyama))