Dollar Gains Back Loss Against Pound

Sat., Sept. 27, 1997

Associated Press

The dollar staged its biggest rally against the British pound in seven weeks on Friday, gaining nearly two cents after a report that Britain might seek membership in Europe’s planned single currency.

The dollar was mixed in fairly quiet trading against other major currencies as dealers focused on speculation that Britain would have to lower its interest rates if it wanted to join the European Union’s monetary union.

The dollar rose quickly, erasing all of a sizable loss from Thursday, after the British newspaper Financial Times said senior members of Prime Minister Tony Blair’s Cabinet were seeking participation in the euro currency soon after its scheduled 1999 launch.

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