Dollar Mostly Stronger, But Euro Holds Above $1.50

TALI ARBEL

NEW YORK (AP) — The dollar recovered from a fresh 14-month low against the euro on Friday after a pullback in U.S. equity markets spurred some greenback buying.

In midday trading, the 16-nation euro was at $1.5035 down from a new 14-month high of $1.5060 in overnight dealings. It changed hands at $1.5026 late Thursday.

The buck has taken a beating lately as strong earnings from some U.S. drug, technology and manufacturing companies spurred investors to sell the low-yielding "safe" dollar and buy riskier currencies that give higher returns.

That's been the ongoing trend since spring, as investors feel more comfortable with the idea of a global recovery from the recession. Instead of keeping money parked in super-safe U.S. Treasurys, they have been hunting for riskier investments that have the potential for bigger payoffs.

The euro broke above the psychologically important level of $1.50 on Wednesday for the first time since August 2008, despite statements of support from European finance ministers and European Central Bank officials in favor of a strong dollar.