Dollar Falls 3 Percent Vs. Mark

The dollar tumbled in value Thursday and dropped nearly 3 percent against the German mark - it’s largest one-day loss in 2 years..

The catalysts for the slide were two weaker-than-expected economic reports, which sent fears into the market that the economy is slowing down faster than money traders had anticipated.

The Labor Department said initial unemployment claims grew a surprising 13,000 last week and the National Association of Realtors reported sales of pre-owned homes fell 6.4 percent.

In late New York trading, the dollar was quoted at 1.3980 German marks, down from 1.4395 late Wednesday.

Exchange Currency in Dollars Dollar in foreign currency Canada .7308 1.3683 France .2007 4.9820 Germany .7125 1.4035 Great Britain 1.6030 .6238 Italy .000609 1643.00 Japan .011763 85.01 Mexico .166113 6.0200