Shrinking Trade Gap Boosts Dollar

Thu., May 22, 1997

The dollar rose broadly Wednesday after the government reported a surprising shrinkage in the monthly trade deficit and a senior German central banker said he favors an exchange rate of about 1.7000 marks.

Traders said the dollar also was helped by rumors of Asian central-bank purchases of dollars as well as remarks by Japanese Finance Ministry official Eisuke Sakakibara, the country’s top foreign-exchange policy-maker, emphasizing the importance of currency stability.

The dollar’s gain partly reversed a big drop the day before.

Exchange Currency in Dollars Dollar in foreign currency Canada .7314 1.3672 France .1752 5.7075 Germany .5901 1.6946 Great Britain 1.6450 .6079 Italy .000600 1667.25 Japan .008785 114.18 Mexico .127259 7.8580

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Shrinking Trade Gap Boosts Dollar

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