Currency Turmoil Gives Dollar Boost

Sat., Dec. 13, 1997

Associated Press

The dollar rose against the Japanese yen and the German mark Friday, buoyed by positive U.S. economic news and the continued currency turmoil in Asia as several currencies hit record lows across the Pacific.

The dollar also benefited from a strong U.S. bond market, which rose following a government report of lower wholesale inflation. The dollar fell against the Canadian dollar, which gained as Canada raised interest rates.

“I would say today is a dollar-bullish day across the board,” said Mark Gargano, manager of foreign exchange at First Union in Charlotte, N.C.

In late New York trading, the dollar was quoted at 130.45 Japanese yen, up from 129.75 late Thursday.

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