Dollar Falls In Step With Stocks

Fri., Sept. 18, 1998

The dollar fell against most major currencies Thursday as stocks dropped and Japanese businesses sold foreign assets to bring yen back home.

The dollar sank three yen during the European trading day as the Japanese recouped their currency. Yen-buying also affected mark trading, sending the mark down, but not enough to keep the dollar higher against the German currency.

Market participants have been looking for lower interest rates. Fed Chairman Alan Greenspan’s wait-and-see attitude helped create a global sell-off Thursday.

Exchange Currency in Dollars Dollar in foreign currency

Canada .6538 1.5091

France .1766 5.6625

Germany .5919 1.6895

Great Britain 1.6804 .5951

Italy .000599 1669.00

Japan .007565 132.18

Mexico .098039 10.2000

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Dollar Falls In Step With Stocks

Jesse Tinsley

Jim Meehan

Molly Quinn

Rob Curley

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