P.M. BRIEFING : Central Banks Sell More Dollars
Western central banks, continuing a 24-hour watch on the unruly dollar, intervened in European currency markets for the fourth straight day today to stop it from rising.
In what has become a daily pattern, the Bank of Japan sold dollars during Asian trading time to stem a short-lived dollar rally, and European central banks joined in the sales when the baton was passed to Europe.
The Bank of Japan also made a rare foray into the European markets, selling dollars outside its normal trading hours in Frankfurt, West Germany; and Zurich, Switzerland. That move underlined the worldwide nature of the operation that the central banks have mounted.
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