Euro gains to Record High of $1.50 on Rate Outlook (Bloomberg) (27-02-2008)

Feb. 27 (Bloomberg) -- The dollar fell to a record low beyond $1.50 per euro on speculation Federal Reserve Chairman Ben S. Bernanke will indicate the U.S. central bank is prepared to cut interest rates already at a three-year low.

The dollar weakened against most currencies, reaching a 23-year low against the New Zealand dollar and fell the most against South Africa's rand as investors bought higher- yielding currencies.

The U.S. currency fell to $1.5057 per euro, the lowest since the European single currency was introduced in 1999, before trading at $1.5043 as of 7:39 a.m. in London from $1.4974 in late New York yesterday. It also fell to 106.96 yen from 107.28 yen. The euro was at 160.79 yen from 160.67, after reaching 161.39.

Fed chief Ban Bernanke delivers his semi-annual testimony to the House Financial Services Committee at 10 a.m. in Washington.

 Source Bloomberg