April 30, 1997 in Nation/World

Economic News Undermines Dollar

 

The dollar fell Tuesday for the first time in nearly a week after new economic data suggested an unexpected slowdown.

A surprisingly low reading on the Labor Department’s quarterly measurement of employment costs, combined with a sharp drop in March factory orders and the second straight monthly decline in a widely followed consumer confidence survey, signaled that inflationary pressures have receded.

The foreign-exchange market viewed the data as a good opportunity to sell the dollar and lock in profits on the currency’s recent gains.

Currency in Dollar in Exchange Dollars foreign currency

Canada .7155 1.3977 France .1721 5.8120 Germany .5799 1.7243 Great Britain 1.6316 .6129 Italy .000586 1707.00 Japan .007882 126.87 Mexico .126056 7.9330


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