The dollar traded at a record low versus the euro on Thursday on concerns of continuing credit market turmoil and its possible effect on the U.S. economy.

The dollar drop has driven investment in other markets such as commodities. Oil and gold prices have been rising to record levels.

Late Wednesday, the Carlyle Group fund said it may soon go out of business as creditors plan to seize its assets

The dollar traded at $1.5625 per euro at 5:58 p.m. in New York after reaching $1.5645 earlier today, the weakest level since the European currency began trading in 1999. The dollar was trading at 100.43 yen after going as low as 99.77. The dollar also reached a new low of 1.0045 Swiss francs. The yen traded at 156.93 per euro.

The Dollar Index, which measures the dollar against a basket of six major currencies, reached its lowest level since it began in 1973.