Dollar Steadies After Early Drop

Fri., April 25, 1997

The dollar rebounded from early weakness and settled steady to mostly higher against key currencies Thursday on news that a large Japanese life insurer was in financial trouble, which weakened the yen.

Tame German inflation data and remarks by Federal Reserve Board Governor Laurence Meyer also contributed to the dollar’s recovery. Meyer asserted in a New York speech that the U.S. economy is growing at an unsustainable pace, which bolstered expectations that the Fed would raise interest rates again at its May policy-making meeting. Higher rates enhance the dollar’s value.

The dollar’s comeback largely erased losses earlier in the day on profit-taking.

Exchange Currency in Dollars Dollar in foreign currency Canada .7184 1.3920 France .1729 5.7850 Germany .5831 1.7150 Great Britain 1.6263 .6149 Italy .000587 1705.00 Japan .007928 126.13 Mexico .127146 7.8650

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Dollar Steadies After Early Drop

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