Stock Rebound Boosts Dollar

Wed., June 25, 1997

The dollar ended mostly higher Tuesday on a sharp rebound in U.S. stocks, a fall in the pound and Japanese efforts to downplay Prime Minister Ryutaro Hashimoto’s market-jolting remarks the day before.

New fears of a weak single European currency and expectations that a quarterly Bank of Japan economic survey due today would show weakness in the Japanese economy also helped underpin the dollar.

But the U.S. currency’s advances were limited, reflecting what traders called a lack of significant news.

“People don’t have anything to sink their teeth into,” said John Hazelton, chief currency trader at Manufacturers & Traders Trust Co. in New York.

Exchange Currency in Dollars Dollar in foreign currency

Canada .7189 1.3911

France .1718 5.8215

Germany .5799 1.7245

Great Britain 1.6675 .5997

Italy .000594 1684.00

Japan .008709 114.82

Mexico .126151 7.9270

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Stock Rebound Boosts Dollar

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