Dollar Gains Vs. Most Currencies

The dollar moved higher Wednesday against most major currencies, after a newspaper report that said the new French president may alter the European monetary system was dismissed by his office as nonsense.

The U.S. currency was lower during much of European trading amid speculation that French President Jacques Chirac would scrap a strong franc policy. Such rumors sent traders scrambling to buy marks and sell francs, which indirectly weighed down the dollar.

But a spokeswoman for Chirac was quick to squelch the report. Her comments sent traders who had stockpiled on marks scrambling to unload them, which created demand for dollars.

Currency in Dollar in

Exchange Dollars foreign currency

Canada .7380 1.3551

France .1956 5.1125

Germany .6935 1.4420

Great Britain 1.5712 .6365

Italy .000604 1656.00

Japan .011514 86.85

Mexico .170068 5.8800