Dollar Falls With Stocks

Tue., Oct. 6, 1998

The dollar fell against major currencies Monday as stocks swooned following a lack of concrete action from the world’s leading powers to rectify global economic hardships.

The dollar and U.S. stocks took a hit Monday after a weekend meeting of International Monetary Fund officials in Washington produced little in the way of proposals for stemming the global financial crisis.

“The market was looking for some definitive program or action and we haven’t see that,” said Lee Kassler, vice president of foreign exchange at Israel Discount Bank.

Investors seeking a safe haven bought U.S. Treasury bonds, sending bond prices higher and yields on the 30-year bond to record lows.

Currency in Dollar in Exchange Dollars foreign currency

Canada .6417 1.5583 France .1827 5.4721 Germany .6129 1.6315 Great Britain 1.6858 .5932 Italy .000620 1612.00 Japan .007449 134.25 Mexico .097847 10.2200

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Dollar Falls With Stocks

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