Dollar Rises In Step With Stocks

Fri., Aug. 2, 1996

The dollar snapped a three-day decline Thursday, following U.S. stocks and bonds higher after reports on the American economy temporarily reassured investors that inflation remains benign.

Traders said the dollar also derived some strength from a sell-off in yen after a senior Japanese official suggested the U.S. currency’s gradual gain remains a long-term trend.

But the dollar’s advance was muted by the mixed signals from the latest batch of U.S. economic data, which showed the strongest growth in two years this spring and unexpected softness in U.S. manufacturing in July.

Traders also were reluctant to buy the dollar aggressively pending the Labor Department’s release today of July jobless data.

Exchange Currency in Dollars Dollar in foreign currency Canada .7281 1.3735 France .1997 5.0080 Germany .6774 1.4762 Great Britain 1.5527 .6440 Italy .000661 1513.51 Japan .009334 107.13 Mexico .132231 7.5625

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Dollar Rises In Step With Stocks

Jesse Tinsley

Jim Meehan

Molly Quinn

Rob Curley

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