Stock Rally Eases Dollar’s Slide

Thu., May 9, 1996

The dollar slid in European dealings Wednesday after remarks by two German central bankers incited a big demand for marks, but the U.S. currency partly recovered on rising American stock and bond prices.

European traders scrambled to buy the currency and sell dollars after Hans-Juergen Koebnick, a member of the Bundesbank’s policy-making council, said he believed the mark’s depreciation had run its course.

Traders have been figuring that Germany’s frail economy would prompt the Bundesbank to ease interest rates again.

Currency in Dollar in Exchange Dollars foreign currency

Canada .7319 1.3663 France .1950 5.1270 Germany .6595 1.5163 Great Britain 1.5235 .6564 Italy .000642 1558.50 Japan .009506 105.13 Mexico .133690 7.4800

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Stock Rally Eases Dollar’s Slide

Jesse Tinsley

Jim Meehan

Molly Quinn

Rob Curley

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