Bankers’ Remarks Boost Dollar

Wed., Nov. 13, 1996

The dollar snapped a four-day slide Tuesday to end mostly higher after three German central bank officials, including the Bundesbank’s president, said the U.S. currency’s value against the mark was too weak.

Traders who had bet the dollar could fall further were caught off guard by the bluntness of the message, especially Bundesbank President Hans Tietmeyer’s assertion that “the dollar is on the way up again.”

They moved quickly to repurchase dollars they had just sold, giving a further boost to the dollar in what’s known in the market as as a short-covering rally.

Currency in Dollar in Exchange Dollars foreign currency

Canada .7505 1.3325 France .1962 5.0970 Germany .6633 1.5075 Great Britain 1.6460 .6075 Italy .000659 1518.50 Japan .008981 111.34 Mexico .126582 7.9000

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Bankers’ Remarks Boost Dollar

Jesse Tinsley

Jim Meehan

Molly Quinn

Rob Curley

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