Dollar Falls As Euro Debuts

Tue., Jan. 5, 1999

The dollar fell against the new European common currency and the Japanese yen on Monday, as dealers embraced the euro’s debut amid worries about a slowdown in U.S. economic growth.

The euro arrived on financial markets three days after the official Jan. 1 launch by its 11 participating nations. Economists and currency traders believe the euro could one day challenge the dollar as the international currency of choice.

In late New York trading, the euro was quoted at $1.1806, up from its designated starting point of $1.1668 in earlier Asian trading.

Concern about the expected slowdown in U.S. economic growth this year hurt the dollar against both of its major counterparts.

Exchange Currency in Dollars Dollar in foreign currency Canada .6550 1.5268 France .1800 5.5556 Germany .6036 1.6567 Great Britain 1.6570 .6035 Italy .000610 1639.34 Japan .008923 112.07 Mexico .101626 9.8400

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Dollar Falls As Euro Debuts

Jesse Tinsley

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