Midday trade in New York: dollar recoups losses

The dollar rebounded against the euro on Friday, boosted by a retreat in oil prices after Saudi Arabia stepped up crude supply, and the greenback could reclaim its status as a safe-haven currency if Middle East tensions escalate.
In midday New York trade, the euro was down 0.4 percent on the day at $1.3754. It hit session lows at $1.3724, reversing earlier gains that had taken it to the highest level against the dollar in more than three weeks.
The dollar was up 0.3 percent against the Swiss franc at 0.9290 franc, after hitting a record low of 0.9229 franc on Thursday. Against a basket of currencies, the dollar was up 0.3 percent at 77.284, not far from a 3-1/2-month low of 76.881. The euro is the largest component of the dollar index.