Summary Box: Dollar hits 9-month high versus euro

A 9-MONTH HIGH FOR THE DOLLAR: The 16-nation euro dropped as low as $1.3533 versus the dollar, its weakest point since May 2009. It's down nearly 12 percent from a recent high level of $1.51 last November.

WHAT'S DRIVING THE DOLLAR HIGHER: Analysts say it's not dollar strength — it's euro weakness. Debt problems in Greece and other countries are driving concerns about the stability of the monetary union in the 16 nations that share the euro currency.

THE CHINA EFFECT: China ordered banks to increase reserves, which cuts down on lending. A credit slowdown in the Asian powerhouse could tamp down growth for its major trading partners around the world.