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Dollar weakens after reaching new highs against mark, yen
NEW YORK. Jan 16: The dollar ended lower Wednesday for the first time in more than a week, hurt by profit-taking after the US currency hit another 29-month high against the mark and 45-month high vs the yen. says AP.
'The market was just getting a little bit ahead of itself." said Jim Powers, vice president of foreign-exchange sales at West-deutsche Landes Bank in New York. "We reqlly haven't had any down day on this recent move up. so it was a bit of a correction."
Fear that Japan's central bank might take steps to strengthen the yen on Thursday also contributed to the retreat in the dollar. Japanese financial markets were closed Wednesday for a national holi-
The dollar was further hindered by a rally in the British pound, which rose on unexpectedly strong employment data in Britain. The news was seen as a further reason for Bank of England Governor Eddie George and Chancellor of the Exchequer Kenneth Clarke to raise interest rates at their Wednesday meeting, although nothing had been announced by late in the day.
The dollar rose as high as
117.20 yen in Asian dealings, the highest since March 1993. before retreating to end at 116.88 yen in late New York trading, down from 116.93 yen Tuesday.
In Europe the dollar reached 1.6000 marks, the highest July 1994. before retreating to 1.5877 in late New York trading, down from 1.5943. The pound cost 1.6827 dollar in New York, up from 1.671 l-dollars.
The dollar had been rising steadily since Jan 81‘largely <5tt" a mix of strong economic news from the United States and signs of more weakness out of Japan and Germany.
Traders said the momentum of the dollar s rise was driving it higher in early dealings. News' that Russian President Boris Yeltsin would remain hospitalized at least until next week for pneumonia also undermined the mark, which often falls on signs of political instability in Russia. But large sell orders hit the dollar when it traversed the 1.6000 mark level.
"We made such a rapid move up. 1 think clearly some consolidation was in order", said Tom Hoge, vice president of corporate foreign-exchange trading at the Bank of New York. Nonetheless, he said. "The outlook for the dollar is still pretty
bullish."
Some traders also attributed the dollar's weakness partly to a surge in the Canadian dollar, which reached the highest level since last November on a Financial Times article that extolled the health of Canada’s economy.
The article said a combination of fiscal austerity, low inflation and strong exports could strengthen the Canadian dollar against the dollar by more than ' 12 per cent this year.
"There was nothing in the article that's new. but it summarized the bullishness and came at a time when the market was wondering which way the Canadian dollar would go," said Jim Phoenix, foreign-exchange director at CIBC-Wood Gundy in New York.
Although the Bank of Canada sold Canadian dollars to dull the rally Phoenix said, "that didn't seem to slow it
The dollar ended at 1.3416 Canadian dollars, down from 1.3508.
Other late dollar rates in New York compared with late Tuesday: 1.3715 Swiss francs, down from 1.3761; 5.3585 French francs, down from 5.3810: 1.5445.50 Italian lire, down from 1.550.24.