The dollar turned higher in midday trade Monday, with analysts citing pressure on U.S. stocks after nearing technical resistance levels, while concerns over the health of financial firms returned. Rising concerns that stocks might be overstretched were also fed by worries over the financial sector of the market, following the downgrades of several big U.S. banks.
The dollar rebounded from a fresh 14-month low against the euro reached earlier Monday after a Chinese central bank researcher called for moving some of the country’s massive foreign reserves into euro and yen holdings.
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