Dollar Gains As Mark Weakens

Sat., Aug. 17, 1996

Associated Press

The dollar hit its highest level against the mark in nearly a month Friday, strengthening on intensified speculation that Germany’s central bank will cut a key interest rate next week.

The dollar’s strength against the mark also helped it advance against most other key currencies, but it ended lower against the yen.

Talk of a rate cut in Germany was the main theme in foreign exchange transactions, following remarks from officials of the Bundesbank suggesting that interest rates might be lowered.

Speculation was rampant that reports on German business confidence expected next week would show weakness, giving the Bundesbank latitude to lower its securities repurchase or repo rate.

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