October 25, 1997

Dollar Unchanged Amid Hazy Outlook

Associated Press
 

The dollar rose against the mark Friday but was unchanged vs. the yen, mimicking uncertain global stock markets as investors struggled to get a clear picture on the outlook for Hong Kong’s economy. Hong Kong’s stock market rebounded from a plunge that hammered markets worldwide a day earlier. That boosted Tokyo stocks, but the U.S. market dropped again and European markets were mixed.

The dollar gained vs. the mark after Hong Kong and Tokyo markets strengthened and European stocks rallied through most of the day, leading traders to expect the same on Wall Street. But when U.S. stocks tumbled quickly following an initial surge - and European stocks turned mixed - the dollar slipped somewhat but remained higher.

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