Dollar Retreats After Strong Start

Sat., June 7, 1997

Associated Press

The dollar hit a nearly 3-1/2-year high vs. the mark Friday on strong U.S. jobs data and German employment weakness but fell to end mixed on rumors Germany would seek a 2-year delay in Europe’s currency integration.

A report in Japan’s Nihon Keizai newspaper asserting that the Group of Seven industrialized nations would ask Japan to suppress its trade surplus at their summit in Denver this month also hurt the dollar.

The yen’s weakness against the dollar is a key reason why the Japanese surplus has grown.

Nonetheless, traders said the dollar remained resilient and was likely to move higher against the mark and other European currencies if European Monetary Union plans proceed.

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