updated 12/30/2003 1:01:51 PM ET 2003-12-30T18:01:51

The euro climbed to another new record against the sagging U.S. dollar Tuesday, edging up to $1.2519 as it pursued a rally based on worries over the U.S. trade and budget deficits.

Tuesday's peak topped a day-old record of $1.2511 for the 12-nation currency, which on Monday rose above $1.25 for the first time in its five-year history.

The euro has risen 19 percent against the dollar since the beginning of 2003, and the pace has stepped up sharply since the end of November. The trend has been magnified during the Christmas holiday by thin holiday trading volume that exaggerates exchange-rate swings.

Copyright 2003 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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