Analysts are predicting that the euro will be on top for some time
The US dollar slid to a new record low against the euro, as investors bet that the Federal Reserve will cut interest rates to help the economy this week.
The dollar hit its weakest level since the common currency was launched in 1999 at $1.4438 per euro.
Lower interest rates can weaken a currency as investors move funds to assets that enjoy a higher return.
The dollar's slide helped drive oil prices to a new record above $93 and sent gold prices to a 28-year high.
The US central bank, the Federal Reserve, is widely expected to cut interest rates by a quarter of a percentage point to 4.5% on Wednesday to limit economic damage from the housing market downturn.
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