July 17, 1997 in Nation/World

Dollar Rallies, Then Backpedals

 

The dollar touched a two-month high against the yen but fell to end mostly lower Wednesday, weakened by profit-taking ahead of data expected to show a further widening of Japan’s trade surplus.

The pullback interrupted a rally that had pushed the dollar to six-year highs against the mark and left it sharply higher against most other currencies on the health of the U.S. economy, strong stock market and doubts about Europe’s single currency plan.

“We saw a significant sell-off in the dollar,” said Joseph Pedone, a currency trader at the New York branch of Dai-Ichi Kangyo Bank.

Exchange Currency in Dollars Dollar in foreign currency Canada .7280 1.3737 France .1655 6.04235 Germany .5585 1.7920 Great Britain 1.6779 .5958 Italy .000575 1742.00 Japan .008657 115.52 Mexico .127016 7.8730

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