Dollar Loses Some Zip

Fri., Dec. 11, 1998

The dollar lost ground against major currencies Thursday. Trading was quiet as more dealers closed the books on 1998.

“It was a technically driven market today,” said Terry Haggerty, a vice president of foreign exchange at Wells Fargo Bank in San Francisco. “It’s the end of the year and it (trading) is thin and every move is exaggerated.”

Most worries were about trade, as the Commerce Department reported Wednesday that the trade deficit surged to a record $61.3 billion in the third quarter as the Asian financial crisis hurt U.S trade.

Exchange Currency in Dollars Dollar in foreign currency

Canada .6498 1.5390

France .1805 5.5395

Germany .6055 1.6515

Great Britain 1.6703 .5987

Italy .000612 1635.00

Japan .008523 117.33

Mexico .100756 9.9250

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Dollar Loses Some Zip

Jesse Tinsley

Jim Meehan

Molly Quinn

Rob Curley

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