Nov. 3 (Bloomberg) -- The dollar may extend its decline, returning to $1.50 per euro within the next two weeks, because there is nothing to indicate “a long-term flight to safety” among investors, according to Commerzbank AG.

A report yesterday showing U.S. manufacturing grew at the fastest pace in three years in October “suggests that the economic recovery is in full swing,” analysts including Antje Praefcke in Frankfurt wrote today in a report. “The period of weakness for the U.S. currency is unlikely to be over.”

The dollar climbed 0.9 percent to $1.4647 per euro as of 10:55 a.m. in London. It slid to $1.5063 per euro on Oct. 26, the weakest level since August 2008.

To contact the reporter on this story: Beth Mellor in London at bmellor@bloomberg.net

Last Updated: November 3, 2009 06:15 EST