Monday, October 26, 2009

Whipsaw Activity in the Dollar

The dollar fell to a 14-month low against the euro today after a Chinese central bank researcher called for moving some of the country's massive foreign reserves into euro and yen holdings.

The dollar than rebounded after the researcher -- Zhou Hai, a division chief with the financial research department of the Harbin branch of the People's Bank of China -- told Reuters that his remarks published in China's Financial News were only his "personal view."

The euro is trading just above $1.50.

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