Dollar Continues Strong Showing

Sat., July 26, 1997

Associated Press

The dollar rose for the fifth straight day Friday to hit multiyear highs against several European currencies and a 2-month high vs. the yen, marking its best weekly performance this year.

Strong U.S. economic data, further doubts about the credibility of Europe’s planned single currency and a French central banker’s predictions of further dollar gains all combined to push the U.S. currency up.

The appetite for dollars persisted despite signs that Germany is growing concerned over the weakness of the mark. The dollar reached an intraday high of 1.8403 marks, the strongest since July 1991, before settling in New York at 1.8384 marks.

Other dollar rates: 1.5167 Swiss francs, up from 1.5065; and 6.1945 French francs, up from 6.1855.

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