Rate Cuts Boost Dollar

Wed., Nov. 4, 1998

The dollar rose against major currencies Tuesday as three more European central banks cut key interest rates, leading investors to believe that more cuts are on the way.

The dollar’s gain against the Japanese yen was blunted by optimism that ongoing changes in the banking sector will help that country recover from its worst recession in decades.

The dollar rose after central banks of Spain, Portugal and Sweden cut a key rate by a quarter point. The Spanish and Portuguese rate cuts were in line with interest-rate convergence needed for the launch of the euro on Jan. 1.

Exchange Currency in Dollars Dollar in foreign currency

Canada .6562 1.5239

France .1796 5.5670

Germany .6024 1.6601

Great Britain 1.6578 .6032

Italy .000609 1641.50

Japan .008671 115.33

Mexico .100503 9.9500

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Rate Cuts Boost Dollar

Jesse Tinsley

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Molly Quinn

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