Euro soars above $1.50 for first time in 14 months

LONDON (AFP) - The European single currency leapt above 1.50 dollars here on Wednesday, hitting a 14-month pinnacle, as investors looked for higher returns than those available on the safehaven US unit.

At about 1350 GMT, the euro surged as high as 1.5003 dollars, which was a level last seen on August 11, 2008.

The dollar has nosedived in recent weeks and months as buoyant global equities persuaded investors to pull their cash out of the dollar and into assets that are deemed a riskier bet -- like the euro.

This week, a raft of positive US company results have helped propel global stock markets even higher, sparking hopes of a speedy global economic recovery from a fierce recession.

The greenback has also suffered from the prospect that US interest rates will remain ultra-low for some time yet. Investors prefer currencies with higher yields.

In addition, the dollar has also slumped on heightened speculation that the greenback may lose its role as the world's leading reserve currency.

Since the start of March, the shared European currency has now surged by almost 20 percent in value against the greenback.