Bank Intervention Boosts Dollar
A dollar-buying spree by the Federal Reserve and German, Swiss and Japanese central banks on Tuesday took the U.S. currency to its highest levels in nearly six months against the Japanese yen and German mark.
The carefully coordinated intervention began in overseas trading and continued as markets opened in the United States. The move surprised the foreign-exchange market, which had not been expecting such a move in view of the dollar’s rising strength in the past few weeks.
In New York, the dollar was quoted at 96.94 yen in the late afternoon, its highest level since Feb. 28, up more than 3 percent from its 93.65 exchange rate Monday.
Exchange Currency in Dollars Dollars in foreign currency
Canada .7356 1.3595
France .1982 5.0445
Germany .6780 1.4750
Great Britain 1.5540 .6435
Italy .000616 1623.00
Japan .010341 96.70
Mexico .162787 6.1430