By Ben Levisohn and Anchalee Worrachate June 9 (Bloomberg) -- The euro gained for second day against the dollar as stocks and commodities rose before the European Central Bank announces a rate decision tomorrow. The dollar fell against most major counterparts before Federal Reserve Chairman Ben S. Bernanke testifies to a panel today after saying June 7 he’ll raise interest rates before the economy returns to full employment. Sweden’s krona gained against 15 of its 16 major peers as industrial production rose the most in more than three years, boosting speculation the nation’s central bank will raise interest rates next month. “The stock market rally is positive for sentiment on a near-term basis and the euro may see a relief rally as risk aversion eases,” said Michael Woolfolk, senior currency strategist in New York at Bank of New York Mellon Corp., world’s largest custodial bank, with more than $20 trillion in assets under administration. “The ECB meeting will be an opportunity for it to comment on how it intends to address the deterioration in financial market conditions and economic outlook.” The euro strengthened 0.4 percent to $1.2018 at 8:48 a.m. in New York, from $1.1973 yesterday. The euro appreciated 0.4 percent to 109.99 yen, from 109.51. The dollar was at 91.51 yen, from 91.46. To contact the reporters on this story: Ben Levisohn in New York at blevisohn@bloomberg.net; Anchalee Worrachate in London at aworrachate@bloomberg.net

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