Dollar Slips Against Mark

Fri., March 13, 1998

The dollar ended flat against the yen Thursday, unable to hold its gains amid a widening Japanese bribery scandal.

The U.S. currency ended lower against the German mark and other major currencies when it was unable to fully capitalize on its upward moves against the yen or on good economic news.

“We’ve been stuck in a range for a better part of a month,” said Dennis Heidt, a foreign exchange trader at Banque Paribas. “There’s been bids and offers (but) nobody’s breaking through on either side.”

Traders expressed surprise that the yen did not sink further against the dollar given the negative news coming out of Japan.

Exchange Currency in Dollars Dollar in foreign currency

Canada .7088 1.4180

France .1632 6.1260

Germany .5473 1.8272

Great Britain 1.6576 .6033

Italy .000556 1798.00

Japan .007733 129.32

Mexico .116863 8.5570

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Dollar Slips Against Mark

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