Dollar Continues Phenomenal Rise

Sat., Jan. 4, 1997

Associated Press

The dollar hit a 46-month high against the yen and two-year high vs. the mark Friday, resuming its climb on the strength of a rebound in the stock market and a broad decline in European currencies.

The catalyst for the European sell-off was a sharp drop in the French franc on news of two new appointments to the Bank of France’s nine-member Monetary Policy Council. The appointees were seen as weakening the majority of members who favor a strong franc.

In New York, the dollar cost 116.43 yen, up from 115.52 Thursday and the highest level since March 1993. The dollar cost 1.5644 marks, up from 1.5410 and the highest since late December 1994.

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