The dollar slumped to another record low against the euro and a 26-year low against the British pound Wednesday, even as it stumbled to the cheapest versus the Canadian "Loonie" since the end of the fixed exchange rate in 1950.

One day before the European Central Bank and the Bank of England decide on interest rates, the euro gained more than 1 U.S. cent amid speculation that China may shift more of its foreign currency stockpiles away from the dollar.

The euro was undeterred by a U.S. Labor Department report showing productivity jumped at an annual rate of 4.9 percent in the July-September period, double the 2.2 percent rise it posted in the second quarter.

The U.S. currency traded at $1.4633 per euro after dropping to $1.4731 per euro the day before — the cheapest level since the 13-nation currency started trading in January 1999. It also fell to 90.59 Canadian cents Wednesday before ending almost flat in late New York trading at 92.28.

The American currency has dropped more than 20 percent this year against the Canadian dollar, which reached parity with the U.S. dollar on Sept. 20 for the first time since 1976.

Credit Suisse Group has revised its dollar forecasts, expecting the U.S. currency to fall to $1.51 per euro in three months compared with a previous prediction of $1.45.

News wasn't any better in the commodity markets as oil seems poised to break $100 a barrel in the near future, while gold prices have been surging toward the 1980 record high of $850 per ounce.

The U.S. dollar plunged in Asia after a report that a senior Chinese political figure said the nation should diversify its $1.43 trillion foreign exchange reserves into the euro and other strong currencies.

Although the Chinese official, Cheng Siwei, has previously "offered rogue comments that did not reflect policy or the thinking of senior officials," his comments were enough to send the dollar plummeting, Marc Chandler, chief foreign exchange strategist at Brown Brothers Harriman, wrote in commentary on the investment Web site Chandler said he did not believe that the Chinese planned to diversify.