Dollar dives to record euro low; oil and gold score record highs

AFP, February, 2008

LONDON (AFP) — The dollar plunged Wednesday to another record euro low thanks to a stream of negative US data, while the tumbling greenback helped crude il and gold prices hit historic highs, analysts said.

The US currency also slid ahead of US Federal Reserve chief Ben Bernanke's testimony before Congress later Wednesday, when he is expected to signal further rate cuts to try to prevent a recession in the world's largest economy.

In early European deals, the euro touched a record 1.5088 dollars, after smashing through the 1.50 barrier for the first ever time on Tuesday. It later stood at 1.5048 dollars, from 1.4979 dollars in New York late on Tuesday.

Against the Japanese currency, the dollar fell to 106.41 yen from 107.24.

In commodity markets,...