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Dollar Dips On Intervention Threat

Fri., Nov. 14, 1997

The dollar was mixed against other major currencies Thursday, dropping from the previous day’s six-month high against the Japanese yen on worries that Tokyo authorities would move to push the dollar lower.

The dollar finished higher against the German mark, mainly on a rally in U.S. stocks after Hong Kong’s market rose and Japanese stocks steadied.

The U.S. currency fell sharply against the yen in early Asian trading on an unconfirmed market rumor that the Bank of Japan intervened to sell the dollar in Singapore. It rebounded later but stayed below Wednesday’s level.

“A good rumor goes a lot further than intervention,” said Paul Spirgel, a Royal Bank of Scotland currency dealer.

Currency in Dollar in Exchange Dollars foreign currency

Canada .7098 1.4089 France .1731 5.7777 Germany .5799 1.7243 Great Britain 1.6987 .5887 Italy .000592 1689.00 Japan .007932 126.07 Mexico .120192 8.3200

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