Dollar Flexes Its Muscle

Fri., Sept. 27, 1996

Associated Press

The dollar rose Thursday to the highest level against key currencies in 2-1/2 months, deriving momentum from a surprise cut in Swiss interest rates and broad weakness in the German mark.

Rallies in the U.S. financial markets also contributed to the second consecutive strong showing for the dollar. The currency rebounded Wednesday from a sell-off the day before incited by the Federal Reserve’s unexpected decision not to raise interest rates.

The Swiss National Bank’s rate cut in particular created a big demand for dollars, as traders moved out of Swiss francs.

Currency in Dollar in Exchange Dollars foreign currency

Canada .7314 1.3673 France .1941 5.1516 Germany .6565 1.5233 Great Britain 1.5610 .6406 Italy .000661 1513.00 Japan .009037 110.66 Mexico .132926 7.5230

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Dollar Flexes Its Muscle

Jesse Tinsley

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