Dollar Dips On Profit-Taking

Profit takers drove the dollar slightly lower Wednesday after a Japanese finance official said market intervention alone wouldn’t be enough to keep the dollar strong.

The German mark also got support, despite the Bundesbank’s move to reduce its target for a short-term interest rate.

The dollar had been buoyed this week by expectations that the Group of Seven finance ministers meeting in Washington this coming weekend will agree to continue supporting the dollar. After their last meeting in April, the G-7 ministers backed up a statement of support with intervention.

In late New York trading, the dollar ended at 100.95 Japanese yen, down from 101.35 yen Tuesday.

Exchange Currency in Dollars Dollar in foreign currency Canada .7513 1.3310 France .2017 4.9570 Germany .6987 1.4313 Great Britain 1.5818 .6322 Italy .000620 1614.00 Japan .009925 100.76 Mexico .153022 6.5350