Dollar Retreats From Recent Highs

Thu., Jan. 16, 1997

The dollar ended lower Wednesday for the first time in more than a week, hurt by profit-taking after the U.S. currency hit another 29-month high against the mark and 45-month high vs. the yen.

“The market was just getting a little bit ahead of itself,” said Jim Powers, vice president of foreign-exchange sales at Westdeutsche Landes Bank in New York. “We really haven’t had any down day on this recent move up, so it was a bit of a correction.”

Fear that Japan’s central bank might take steps today to strengthen the yen also contributed to the retreat in the dollar.

Exchange Currency in Dollars Dollar in foreign currency Canada .7454 1.3416 France .1866 5.3585 Germany .6298 1.5877 Great Britain 1.6827 .5943 Italy .000647 1545.50 Japan .008556 116.88 Mexico .128238 7.7980

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Dollar Retreats From Recent Highs

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