Dollar Tumbles Against The Mark

Sat., Aug. 16, 1997

Associated Press

The dollar fell to its lowest level in nearly five weeks versus the German mark Friday, pummeled by speculation of higher German interest rates and thin trading that exaggerated the currency’s movements.

North American traders came to work Friday morning to find German monetary officials hinting at the possibility of higher interest rates next week and an abundance of European sell orders.

The Feast of the Assumption, a Roman Catholic holy day, had many trading rooms in Europe closed on Friday, exacerbating the market’s vulnerability to wide swings. When U.S. offices opened, European traders immediately increased their selling.

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