Updated on
Summary
The euro hit fresh 14-month highs against the dollar on Monday on signs that China may increase its holdings of the European currency, dealers said.The shared European unit soared to 1.5064 dollars in Asian trade, hitting its strongest level since August 11, 2008, before falling back. It stood at 1.5035 dollars later in London, up from 1.5007 dollars late Friday in New York. Against the Japanese currency on Monday, the dollar dipped to 91.76 yen from 92.07 yen late on Friday. Traders cited an opinion piece by a Chinese central bank official in China's Financial News newspaper, arguing that Beijing should boost its holdings of euros and yen, as a factor behind the currency moves.
