Election Fallout Boosts Dollar

Thu., Nov. 5, 1998

The dollar rose against most major currencies Wednesday as midterm election results suggested that the Republicans’ drive to impeach President Clinton may falter. A rebound on Wall Street also boosted the dollar.

“All in all, I think the story is today that the election results … quelled the thought of impeachment proceedings,” said Kevin Lawrie, a foreign exchange manager.

Election results emboldened stock markets from Tokyo to London. Key stock market indicators closed up 4.1 percent in Tokyo, 2.9 percent in Frankfurt, Germany, 2.2 percent in London and 2.8 percent in Paris.

The enthusiasm spilled over to the U.S. stock market, where the Dow Jones industrial ended the day up.

Currency in Dollar in Exchange Dollars foreign currency

Canada .6579 1.5200 France .1791 5.5825 Germany .6003 1.6657 Great Britain 1.6611 .6020 Italy .000607 1646.50 Japan .008576 116.60 Mexico .100593 9.9410

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Election Fallout Boosts Dollar

Jesse Tinsley

Jim Meehan

Molly Quinn

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