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Bundesbank hint cools US$

Source: Bloomberg, Dow Jones

Financial Post, Weekly edition, Saturday, February 1, 1997

The US$ fell for a second day against the Japanese yen and was little changed against the German mark Friday after German officials hinted the US$ may have risen far enough. Bundesbank council member Guntram Palm said the US$'s rise will be a ``major'' matter of discussion at next week's meeting of the Group of Seven leading industrialized nations in Berlin. Earlier, German Chancellor Helmut Kohl said the mark has ``mostly'' reversed its 1995 surge, suggesting Germany may not favor a further slide by the mark. The comments increased concern that leaders of the G7 nations may signal they don't want the US$ to keep climbing.

The US$ ended New York trading at 121.43 yen, down from 121.85 yen Thursday, and at 1.6385 marks, up from 1.6365 marks. The British pound fell to US$1.6021 from US$1.6140. The US$ was unchanged at 1.4239 Swiss francs, and rose to 5.5332 French francs from 5.5235.

The C$ was little changed, closing at US74.24 cents, compared with US74.22 cents Thursday. The US$ slipped to $1.3470 from $1.3474.

Source: This information is provided by the Financial Post.

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