Stock Rally Boosts Greenback

Thu., Feb. 26, 1998

The dollar rose sharply against most major currencies Wednesday as U.S. stocks rose to new heights and more encouraging words on the U.S. economy from Federal Reserve Chairman Alan Greenspan.

The dollar also gained on new signs German interest rates won’t be raised and on continued skepticism about Japan’s ability to revive its economy.

Despite the dollar’s gains, it held to a narrow range.

“In many respects, we are not going anywhere,” said John McCarthy, senior vice president for foreign exchange at ING Capital Markets Inc.

Currency in Dollar in Exchange Dollars foreign currency

Canada .7040 1.4205 France .1641 6.0953 Germany .5498 1.8188 Great Britain 1.6431 .6086 Italy .000557 1793.75 Japan .007765 128.78 Mexico .116695 8.5720

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Stock Rally Boosts Greenback

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