Dollar Climbs Vs. Yen, Mark

Wed., July 22, 1998

The dollar rose against the Japanese yen and the German mark Tuesday after Federal Reserve Chairman Alan Greenspan hinted that the Fed had no plans to lower interest rates in the short term.

Greenspan, in midyear testimony before the Senate Banking Committee, said the central bank worries more about inflationary pressures than the slowdown in the economy. He promised to “resist vigorously” any signs of inflationary buildup.

His comments dashed traders’ hopes the Fed might reduce interest rates to stimulate the economy if it falters.

Exchange Currency in Dollars Dollar in foreign currency Canada .6701 1.4923 France .1668 5.9950 Germany .5594 1.7875 Great Britain 1.6437 .6084 Italy .000567 1763.00 Japan .007123 140.40 Mexico .113148 8.8380

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Dollar Climbs Vs. Yen, Mark

Jesse Tinsley

Jim Meehan

Molly Quinn

Rob Curley

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