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Dollar Gains On Key Currencies

The dollar edged higher against the German mark and Japanese yen Tuesday as the head of the German central bank hinted at interest rate cuts while the Federal Reserve left U.S. rates unchanged.

Overall, the dollar was mixed against major currencies as traders focused on central bankers.

Fed Chairman Alan Greenspan told Congress the U.S. economy seemed to be “running at a reasonably good clip.” Meanwhile, the Fed declined to lower interest rates. Elsewhere, Bundesbank President Hans Tietmeyer hinted at rate cuts in Germany.

In late New York trading, the dollar traded at 1.4785 marks, compared with 1.4781 late Monday. The dollar fetched 106.47 yen, up from 106.16 yen.

Currency in Dollar in Exchange Dollars foreign currency

Canada .7344 1.3616 France .1977 5.0570 Germany .6764 1.4785 Great Britain 1.5225 .6568 Italy .000638 1567.50 Japan .009392 106.47 Mexico .132846 7.52750

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