Dollar Rallies Sharply

Tue., Dec. 3, 1996

The dollar surged Monday in one of its strongest rallies this year, gaining on unexpectedly robust U.S. economic growth and comments by Germany’s central banker who suggested the currency should rise further.

Large-scale orders for dollars from Japan, coupled with broad weakness in the mark and Swiss franc, helped accelerate the dollar’s upward move. Traders caught off guard by the advance scrambled to buy the dollar, adding to its strength in what’s known as a short-covering rally.

Exchange Currency in Dollars Dollar in foreign currency Canada .7401 1.3512 France .1896 5.2755 Germany .6437 1.5536 Great Britain 1.6807 .5950 Italy .000660 1514.50 Japan .008730 114.55 Mexico .127033 7.8720

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Dollar Rallies Sharply

Jesse Tinsley

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