German Bank Decision Hurts Dollar

Fri., June 28, 1996

The dollar slumped against most major currencies Thursday after the German central bank skipped a chance to lower short-term interest rates.

The inaction, along with Bundesbank President Hans Tietmeyer implying he wouldn’t seek a weaker German mark, bolstered the currency against several currencies, from the dollar to the Japanese yen to the Italian lira.

Tietmeyer and Bundesbank chief economist Otmar Issing said Thursday they see the German economy improving in the second half of the year, implying there is no need to lower rates.

Currency Dollar in Exchange in Dollars foreign currency

Canada .7343 1.3619 France .1948 5.1335 Germany .6588 1.5180 Great Britain 1.5480 .6460 Italy .000651 1535.40 Japan .009166 109.10 Mexico .131614 7.5980

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German Bank Decision Hurts Dollar

Jesse Tinsley

Jim Meehan

Molly Quinn

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