Dollar Plunges Against Pound

Thu., Oct. 31, 1996

The dollar ended mostly lower Wednesday and fell to a 19-month low against the pound, which surged after Britain’s central bank surprised the market by increasing interest rates.

Weak U.S. economic news also dampened demand for dollars by diminishing prospects that the Federal Reserve might raise interest rates at its next policy-making meeting in two weeks.

Expectations of a U.S. rate increase after the Nov. 5 elections have played a role in the dollar’s underlying strength.

Currency in Dollar in Exchange Dollars foreign currency

Canada .7454 1.3416 France .1961 5.0985 Germany .6619 1.5109 Great Britain 1.6337 .6121 Italy .000660 1515.50 Japan .008777 113.94 Mexico .125000 8.0000

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Dollar Plunges Against Pound

Jesse Tinsley

Jim Meehan

Molly Quinn

Rob Curley

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