Dollar rebounds after hitting 14-month low

NEW YORK (AP) - The dollar reversed direction after hitting a 14-month low against the euro in volatile trading Monday after a regional Chinese central bank researcher argued for diversification of the country's reserves away from the greenback. The euro touched a 14-month high of $1.5061 in overnight trading before dropping to $1.4859 in late New York trading. Late on Friday, the euro was at $1.5002. Meanwhile, the dollar edged up to 92.21 Japanese yen from 92.10 yen, and the British pound fell to $1.6303 from $1.6311. Brown Brothers Harriman analyst Marc Chandler said the rebound was a technical reversal. "The dollar is sharply higher against most major and emerging currencies yet there has been no major catalyst to shift sentiment in favor of the U.S. dollar," Chandler wrote in a client note. The sharp swings in currency... [read full story]                    

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