PARIS — The surge in the value of the euro to a record high Tuesday may be causing headaches for European luxury firms, but it’s a windfall for the other end of the fashion spectrum.

The Continent’s largest fast-fashion firms say the plunging value of the dollar is a boon that has driven down overseas production costs in regions where the euro has climbed in value some 25 percent over the last year. On Tuesday, it reached a record high of $1.1914 in Far Eastern trading before sliding back in Europe to close at $1.1884, up from $1.1857 on Monday. And currency prognosticators say the bulked-up euro could go even higher against the dollar — bringing tears or cheers to the fashion set.

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