Pound Up, Dollar Mixed

Tue., Dec. 24, 1996

The pound rallied broadly Monday on fresh evidence that Britain’s central bank is likely to raise interest rates again soon to help thwart inflationary pressure in the economy.

The pound’s strength indirectly helped leave the dollar higher against most other currencies, which also weakened as foreign-exchange traders sold them to buy pounds. But the dollar ended slightly lower against the yen, retracing its gain on Friday and leaving the U.S. currency mixed overall.

Trading was light, exaggerating price movements. The Japanese market was closed for a national holiday and traders elsewhere reported slow dealings.

Currency in Dollar in Exchange Dollars foreign currency

Canada .7312 1.3677 France .1906 5.2465 Germany .6431 1.5549 Great Britain 1.6750 .5970 Italy .000655 1527.00 Japan .008766 114.08 Mexico .127665 7.8330

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Pound Up, Dollar Mixed

Jesse Tinsley

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