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Dollar edges lower against euro as trading calms down |
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News |
April 7, 2000
NEW YORK, APR 6 (AP) - A day after being whipsawed by the stock market, the dollar settled down into calmer trading Wednesday, edging slightly lower against the euro and holding steady against the Japanese yen.
But the dollar rose sharply against the British pound as speculation grew that the Bank of England would leave interest rates alone when policy-makers conclude a meeting Thursday.
The dollar bought 104.66 yen at late afternoon in New York, unchanged from its level late Tuesday. The euro crept up to 96.28 cents from its previous level of 96.07 cents. The British pound fell to dlrs 1.5840 from dlrs 1.5972.
Dealers said calm returned to foreign exchange markets thanks to a quieter day on U.S. stock markets. Tuesday's turbulent session on Wall Street was the most volatile in history. As major U.S. stock indexes swooned Tuesday afternoon, before bouncing back, currency traders dumped dollars in the belief that foreign investors would be yanking cash out of U.S. financial markets.
Markets remained volatile Wednesday, but the price swings were far less frantic.
The dollar also was quoted at 1.6360 Swiss francs, down from 1.6406, and 1.4503 Canadian dollars, down from 1.4518.
Currencies of the 11 countries participating in the euro are no longer traded separately and are tied to the euro by a fixed rate. Based on Tuesday's euro rate, the dollar was worth: 2.0312 German marks, down from 2.0343; 6.8123 French francs, down from 6.8226; and 2,010.87 Italian lire, down from 2,013.91.
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