German Rate Cut Boosts Dollar

Fri., Aug. 23, 1996

The dollar rallied against the mark and most other currencies Thursday after Germany’s central bank made a surprisingly large cut in an important short-term interest rate.

The cut in the Bundesbank’s securities repurchase or repo rate, from 3.30 percent to 3 percent, was aimed at stimulating Europe’s biggest economy. It was the first decrease in German rates in four months.

Traders immediately sold marks and bought dollars on the Bundesbank council’s decision.

Currency in Dollar in Exchange Dollars Foreign currency

Canada .7299 1.3701 France .1967 5.0835 Germany .6703 1.4918 Great Britain 1.5505 .6450 Italy .000659 1517.00 Japan .009242 108.20 Mexico .133905 7.4680

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German Rate Cut Boosts Dollar

Jesse Tinsley

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