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Rubin talks up US$ against yen


Financial Post, Weekly edition, Saturday, September 20, 1997

The US$ rose to a four- month high against the Japanese yen Friday as U.S. Treasury Secretary Robert Rubin soothed concern Group of Seven officials meeting in Hong Kong this weekend would call for a stronger yen.

Rubin said G7 officials won't issue a "dramatic" statement about the US$, a signal they are comfortable with its strength.

The US$ rose as high as 122.58 yen, the highest since May 9. In late New York trading, it was quoted at 122.16 yen, up from 121.85 yen Thursday.

The US$ fell against the German mark after comments from Bundesbank council member Otmar Issing fanned speculation German interest rates may rise before long. Issing called for slower growth in Germany's M3 money supply, a closely watched inflation gauge.

The US$ fell to $1.7752 marks from 1.7807 marks.

The C$ rose after July retail sales data refired hopes for an eventual interest rate increase.

Early news that retail sales soared 1.3% in July sparked hopes for an immediate hike in the key overnight bank rate, but when it did not come at the Bank of Canada's usual time around 9 a.m. traders unloaded the currency. The US$ fell to $1.3894 from $1.3921.

The C$ closed at US71.97 cents, up from US71.83 cents.

Source: This information is provided by the Financial Post.

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