The greenback fell one percent against the Euro on Wednesday, coming within two cents of the all-time low.

The US dollar fell against the euro to US$1.5799 at 2.12 pm in New York. The fall was its biggest two- day decline against the euro since January 2006.

Bloomberg reports the fall was prompted by speculation that the US Federal Reserve will make further cuts in borrowing costs, while the European Central Bank holds rates steady.

The currency was also depressed by the release of a US report showing an unexpected decline in February in durable goods orders.

The US dollar is down about 8 percent against the euro this quarter. It fell to US$1.5903 on March 17, the lowest level since the Euro was floated in 1999.

The greenback has fallen 12.5 percent against the yen and 14 percent against the Swiss franc this quarter - the biggest decline since 1987.

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