The euro rose to a record $1.4703 on speculation China would shift more of its foreign-currency stockpiles away from the U.S. dollar.

The British pound reached $2.1053.

The 13-nation euro hit $1.4703 in mid-morning trading -- well above Tuesday's $1.4554 close. The record beat Tuesday's $1.4571 high mark.

Some traders speculated the euro would top $1.50 by the end of the year, The Wall Street Journal reported.

Britain's pound, meanwhile, rose to $2.1053, then slipped to $2.1009, after closing at $2.0868 Tuesday. The pound is at its highest point against the U.S. dollar since May 1981.

The European Central Bank, responsible for eurozone monetary policy, and the Bank of England are widely expected to keep their main interest rates steady when they meet Thursday.

The dollar also fell against the yen, to 112.88 yen from 114.71 yen late Tuesday, the lowest since reaching 113.77 yen Oct. 25.// Copyright 2007 by United Press International


Publication date: 07 November 2007   

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