By Daniel Kruger
Nov. 25 (Bloomberg) -- The dollar dropped to a 19-month low this week versus the euro and fell against the yen on speculation slowing U.S. growth will lead the Federal Reserve to cut interest rates as the European Central Bank boosts them.
Traders raised bets the Fed will reduce borrowing costs as advisers to President George W. Bush on Nov. 21 cut forecasts for growth next year on a weaker housing market. Gross domestic product will rise 2.9 percent next year, slower than the 3.6 percent forecast in June, the Council of Economic Advisers said.``Everybody knows the ECB wants to hike rates and will do so in December and the first quarter as well,'' said Dustin Reid, a senior currency strategist at ABN Amro Bank NV in Chicago. ``We're looking for the dollar to sell off the rest of the year.''
The dollar weakened 2 percent to $1.3094 per euro from $1.2829 on Nov. 17. The U.S. currency dropped as low as $1.3109 yesterday. The dollar fell 1.6 percent to 115.90 yen from 117.75 a week ago. The euro also touched 151.76 yen yesterday, an all- time high, before closing at 151.71 from 151.05 a week ago.
The U.S. currency may reach $1.33 per euro by year-end, Reid said.
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