The dollar continued its fall as unrelentingly dismal economic data eroded confidence in the US economy, Bloomberg reports. The greenback set a new low of $1.52 against the euro this morning and hit a three-year bottom against the Japanese yen. Oil surged more than $2 a barrel to $103.05 in Asian trading before closing at $102.92.
As oil prices climb, retail gasoline prices continued to push into near-record territory, reports the AP; the price at the pump added nearly a penny overnight to a national average of $3.161 a gallon. US officials expect the price to top out this spring near $3.40, but analysts predict the price could climb significantly higher.