The euro has hit a fresh one-year low against the US dollar amid renewed worries about the health of the European economy. The single currency fell to $1.3891 - its lowest level since September 2007. It later edged up slightly to $1.3920, down 0.5% on the day. An increasingly gloomy outlook for the eurozone region has hit the euro hard. The European Commission believes some countries in the European Union are on the brink of recession. European jitters The commission has said that three countries - UK, Germany and Spain - would see two negative quarters of economic growth in a row this year and would therefore be considered to be in recession. The commission also downgraded its growth outlook for the second time this year. It said the 15-nation eurozone would now grow by 1.3% this year, against previous projections of 1.7%. As a result, some analysts are predicting that the euro will continue to be weak. "As Europe and even emerging economies struggle from the fall-out of the sub-prime crisis, there is sentiment that the US is doing relatively well compared with the rest of the world," said currency analyst Saburo Matsumoto at Sumitomo Trust Bank. Source: BBC