Dollar Falls On Greenspan Remarks
The dollar fell sharply on Wednesday as U.S. financial markets were rattled by a warning from Federal Reserve Chairman Alan Greenspan that tight labor markets could soon prove inflationary.
The dollar also came under pressure against the German mark, extending Tuesday’s retreat, on a report that Germany could raise its own short-term rates as early as today.
Traders said the main thing sending the dollar lower was weakness in the other U.S. financial markets.
Exchange Currency in Dollars Dollar in foreign currency
Canada .7286 1.3725
France .1702 5.8749
Germany .5719 1.7485
Great Britain 1.6223 .6164
Italy .000583 1714.00
Japan .008261 121.05
Mexico .129016 7.7510