Dollar Falls With Japanese Forecast

Fri., Dec. 6, 1996

The dollar rallied in early dealings then dropped to end mostly lower Thursday, weakened by a sell-off in the U.S. bond market and forecasts of a stable yen from Japan’s central banker.

The dollar also was hurt indirectly by a broad plunge in the British pound and trader reluctance to hold dollars in advance of the Labor Department’s Friday report on November unemployment. That report in particular can provoke a strong and unpredictable reaction in the financial markets.

“Today was an excuse to take profits and clear up positions,” said Roger Chapin, foreign exchange manager at Bank One in Columbus, Ohio. “People have been unloading all sorts of positions everywhere.”

Exchange Currency in Dollars Dollar in foreign currency

Canada .7370 1.3569

France .1910 5.2355

Germany .6445 1.5516

Great Britain 1.6332 .6123

Italy .000654 1530.00

Japan .008892 112.46

Mexico .126791 7.8870

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Dollar Falls With Japanese Forecast

Jesse Tinsley

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