Dollar Weakens As Mark Rallies

Sat., Aug. 10, 1996

Associated Press

The dollar ended mostly lower Friday on dimming prospects for higher U.S. interest rates and a broad rally in the German mark, which benefited from new doubts about plans for one European currency by 1999.

Traders said the mark’s strength was the dominant theme in the market, reflecting fear that divergent agendas of key European Union member countries would undermine the proposed single currency. The mark has tended to rise on any sign that the proposal may be delayed or revamped.

The French franc was particularly hard hit by surging demand for marks, falling to a four-month low against the German currency.

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