Euro slips to fresh 12-year low against US dollar

Tokyo

THE euro fell to another 12-year low against the US dollar on Monday, hit by the European Central Bank's (ECB) huge stimulus programme, while investors await the US Federal Reserve's policy meeting this week.

In early Tokyo trading, the euro briefly dropped to US$1.0451 - its lowest since January 2003 and down from US$1.0489 in New York on Friday - before recovering to US$1.0543 by the afternoon. It rose to 127.77 yen from 127.38 yen in US trade. The US dollar, which has been soaring on expectations of a mid-year US interest rate hike, slipped back to 121.22 yen from 121.44 yen.