Fed Chief’S Remarks Boost Dollar

Thu., July 23, 1998

The dollar rose against most major currencies Wednesday as Federal Reserve Chairman Alan Greenspan offered new reassurance that the U.S. economy would be able to withstand the impact from Asia’s financial turmoil.

Traders bought dollars as Greenspan told a House Banking subcommittee that the U.S. economy could withstand the effects of the Asian financial crisis.

The yen came under pressure on indications that Foreign Minister Keizo Obuchi was likely to become Japan’s next prime minister. Obuchi is seen as less aggressive on economic reforms than other candidates.

Currency in Dollar in Exchange Dollars foreign currency

Canada .6687 1.4955 France .1668 5.9955 Germany .5588 1.7895 Great Britain 1.6462 .6088 Italy .000567 1763.30 Japan .007080 141.24 Mexico .113033 8.8470

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Fed Chief’S Remarks Boost Dollar

Jesse Tinsley

Jim Meehan

Molly Quinn

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