Dollar Off The Mark

Tue., Jan. 10, 1995

The dollar tumbled to a two-month low against the German mark and fell below 100 Japanese yen Monday as flight from weaker European currencies into the safe haven of the mark undermined demand for dollars.

Analysts, unable to find any fundamental reasons for the sudden drop, attributed the move to technical selling as dealers who had taken large dollar positions in recent weeks sold the currency to avoid bigger losses.

Early in U.S. trading, the Federal Reserve Bank of New York announced it was buying pesos and selling dollars on behalf of the Banco de Mexico in an effort to support the battered Mexican currency.

Currency in Dollar in

EXCHANGE Dollars foreign currency

Canada .7113 1.4058

France .1883 5.3110

Germany .6508 1.5365

Great Britain 1.5630 .6398

Japan .010007 99.93

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Dollar Off The Mark

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