By Bo Nielsen and Ye Xie

Oct. 22 (Bloomberg) — The euro fell below $1.28 for the first time since November 2006 and the pound tumbled to a five- year low on speculation Europe’s central banks will cut interest rates as the global economy heads for a recession.

The single European currency also slid to the weakest in almost five years versus the yen as the Standard & Poor’s 500 Index plunged 6.1 percent, encouraging investors to sell higher- yielding assets and pay ba