Strong Gdp Boosts Dollar

Thu., May 1, 1997

The dollar snapped out of a one-day lull to resume climbing Wednesday and flirted with a 4-1/2-year high against the yen on data that showed an unexpectedly strong surge in first-quarter economic growth.

The 5.6 percent increase in gross domestic product reported by the Commerce Department was the strongest in 10 years and negated the effects of unexpectedly weak data on first-quarter employment costs released Tuesday, which had contributed to the dollar’s retreat.

Traders said the GDP statistics increased the possibility that the Federal Reserve will raise interest rates at its May 20 meeting to thwart inflationary pressure. Higher rates tend to enhance the dollar’s value.

Exchange Currency in Dollars Dollar in foreign currency

Canada .7162 1.3963

France .1715 5.8300

Germany .5779 1.7303

Great Britain 1.6237 .6159

Italy .000585 1710.00

Japan .007870 127.06

Mexico .125897 7.9430

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Strong Gdp Boosts Dollar

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