Dollar Falls As Mark Surges

Wed., March 19, 1997

The dollar fell sharply and the mark surged Tuesday after a senior Bundesbank official offered one of the strongest warnings yet that Germany might not qualify for Europe’s planned single currency.

The remarks by Klaus-Dieter Kuehbacher amplified concerns that the January 1999 debut of the euro will have to be delayed because even the most economically powerful country in Europe can’t meet its strict entry criteria. That would still leave the mark as the pre-eminent European currency.

“Fear of delay in European Monetary Union is finding roots in the market, and people are jumping right back into the mark,” said Stephen Flanagan, a senior foreign exchange trader at Credit Agricole in New York.

Exchange Currency in Dollars Dollar in foreign currency

Canada .7281 1.3735

France .1772 5.6435

Germany .5978 1.6727

Great Britain 1.5901 .6289

Italy .000594 1683.50

Japan .008168 122.43

Mexico .126183 7.9250

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Dollar Falls As Mark Surges

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