Report Pushes The Dollar Lower

Sat., Aug. 3, 1996

Associated Press

The dollar fell against the German mark and the Japanese yen Friday as employment numbers gave yet another indication that the U.S. economy may not be headed for an interest-rate hike.

The dollar initially shot higher Friday morning, following stock and bond prices, after the Labor Department reported that slightly fewer jobs than expected were added to the economy last month. But the dollar rally faltered as doubts intensified that the Federal Reserve would hike short-term interest rates to battle inflation.

Late Friday in New York, the dollar traded at 1.4750 marks, down from 1.4762 Thursday. The dollar traded at 106.89 yen, down from 107.13.

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