The dollar staged a moderate recovery against major foreign currencies Thursday, strengthened by a rally in the U.S. bond market.
But market analysts and traders said the U.S. currency’s recent dramatic tumble seemed far from over, with Thursday’s rebound mostly tied to technical, not fundamental factors.
The dollar advanced after a wild ride in foreign-exchange markets, ending moderately higher against the German mark and sharply higher against the Japanese yen.
By the end of New York trading, the dollar was quoted at 90.25 Japanese yen, up from 89.45 late Wednesday. The dollar also ended in New York at 1.3960 German marks, up from 1.3900.
Currency in Dollar in
Exchange Dollars foreign currency
Canada .7068 1.4148
France .2012 4.9690
Germany .7161 1.3965
Great Britain 1.5870 .6301
Italy .000590 1695.00
Japan .011104 90.06