September 12, 1996 in Nation/World

Dollar Hits 8-Week High Vs. Yen

 

The dollar reached a new eight-week high against the Japanese yen and was mixed against other major currencies Wednesday as some traders took profits after a three-day rally while others waited for fresh reports on U.S. inflation.

Analysts said the dollar traded in a tight range ahead of today’s release of the Producer Price Index and Friday’s Consumer Price Index.

Any sign of higher-than-expected inflation in the reports for August could prompt the Federal Reserve Board to increase short-term interest rates to cool the U.S. economy.

Higher rates generally boost the value of the dollar by making returns more attractive on assets in the United States.

Exchange Currency in Dollars Dollar in foreign currency Canada .7293 1.3712 France .1938 5.1589 Germany .6620 1.5105 Great Britain 1.5550 .6431 Italy .000656 1524.00 Japan .009074 110.20 Mexico .132670 7.5375

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