Trend For Dollar Up, Despite Weak Finish

Sat., July 19, 1997

Associated Press

The dollar ended mostly lower in seesaw trading Friday, hurt by a Japanese minister’s warning of higher interest rates, news of a swollen U.S. trade deficit and a selloff in the stock market.

But traders said the underlying trend for the dollar remained up.

They noted the currency was rebounding as dealings ended for the week and that the dollar’s levels were substantially higher than a week earlier.

The dollar traded as low as 115.10 yen and as high as 116.18 yen in intraday dealings before settling at 115.57 yen in New York, down from 116.07 Thursday but up from 114.02 yen a week earlier.

Against the mark, the dollar reached an intraday low of 1.7860 marks and intraday high of 1.7997.

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