Stock Slump Pinches Dollar

Sat., June 1, 1996

Associated Press

The dollar retreated against most leading currencies Friday, dragged down by slumps in the U.S. stock and bond markets and further market appetite for the British pound.

The notable exception was the dollar’s strength against the yen, which foreign-exchange traders attributed to a top Japanese official’s assertion that interest rates in Japan must remain low.

By 4 p.m. in New York, the dollar traded at 1.5233 German marks, down from 1.5344 Thursday. The dollar also traded at 108.05 yen, up from 107.65 yen Thursday. The pound traded at $1.5507, up from $1.5340 and the highest level against the dollar since mid-February.

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