Bankers’ Comments Boost Dollar

Thu., July 24, 1997

The dollar hit another 6-year high against the mark and rose in most other dealings Wednesday after top officials from the Bundesbank and Federal Reserve signaled they don’t oppose the U.S. currency’s latest ascent.

Momentum from the dollar’s surge on Tuesday also helped carry it higher. Many traders bought dollars on the assumption they might miss a profitable opportunity.

“We haven’t broken out of the bullish trend,” said Thomas Lapinski, chief dealer at MTB Bank Corp. in New York.

Currency in Dollar in Exchange Dollars foreign currency

Canada .7239 1.3775 France .1625 6.1554 Germany .5474 1.8268 Great Britain 1.6804 .5951 Italy .000564 1772.20 Japan .008647 115.65 Mexico .127828 7.8230

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Bankers’ Comments Boost Dollar

Jesse Tinsley

Jim Meehan

Molly Quinn

Rob Curley

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