Trade Speculation Boosts Dollar

Wed., May 17, 1995

The dollar moved higher Tuesday against most major currencies amid speculation that proposed U.S. sanctions against Japan would help cut America’s bulging trade deficit.

The Clinton administration threatened to punish Japan with punitive tariffs on $5.9 billion worth of Japanese luxury autos if both sides could not reach an agreement on opening Japan’s auto market.

“The threat of sanctions has had a strong psychological impact on the market,” said Amy Smith, a senior currency strategist at IDEA, a financial market advisory firm in New York.

In late New York trading, the dollar was quoted at 86.60 yen, up from 86.35 late Monday. The dollar also was changing hands in New York at 1.4443 German marks, up from 1.4340.

Exchange Currency in Dollars Dollars in foreign currency Canada .7369 1.3570 France .1969 5.0800 Germany .6954 1.4380 Great Britain 1.5695 .6371 Italy .000611 1637.80 Japan .011554 86.55 Mexico .168919 5.9200

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Trade Speculation Boosts Dollar

Jesse Tinsley

Jim Meehan

Molly Quinn

Rob Curley

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