Euro hits record high against dollar as gas prices soar

The euro reached a record high against the dollar at $1.5907 early Monday morning - again.

At 7:45 am, the value fell again to $1.5811, but could likely reach $1.60 in the coming days, traders said.

Oil prices are also at a record high, costing $111.42 per barrel. Traders said the prices are rising against the background of the falling greenback and intense purchasing interest from institutional investors. These investors, after the breakdown of US investment bank Bear Stearns and ongoing capital loss from exchange fluctuation, are searching for security in oil.