By Chris Young
Nov. 27 (Bloomberg) -- The dollar dropped to its lowest since March 2005 against the euro and weakened against the yen on speculation Federal Reserve Chairman Ben S. Bernanke in a speech tomorrow will highlight the bank's concerns that U.S. economic growth is slowing.
The dollar is at its lowest in 20 months on an index that measures the U.S. currency's value against six others as traders have raised bets the Fed will cut interest rates in the first quarter of next year to respond to slowing growth. Bernanke speaks on economic growth in New York tomorrow.``Bernanke will acknowledge the economy is underperforming the Fed's expectations,'' said Harvinder Kalirai, head of research at State Street Corp. in Sydney. ``Easier monetary policy is in store some time earlier next year so this break lower in the dollar is likely to continue.''
The dollar dropped to $1.3178 per euro, before trading at $1.3161 as of 7:54 a.m. in Sydney compared with $1.3094 in late New York trading on Nov. 24. The U.S. currency also dropped to 115.41 against the yen from 115.90, its weakest since Aug. 21.
The dollar will fall to $1.35 per euro and 112 yen in the next six weeks, Kalirai said.\
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