P. M. BRIEFING : Banks Act 7th Day to Dampen Dollar
European central banks intervened against the dollar today for the seventh consecutive trading day, trimming its value by less than half a pfennig and half a yen.
The morning bout of intervention by seven central banks served as a powerful reminder that the Group of Seven leading industrial nations want to see the dollar lower still. Last week’s barrage of concerted dollar sales sliced around 4% off the currency’s value.
The Bank of Japan had intervened earlier today during Asian trading hours. The European intervention was joined by the central banks of West Germany, Britain, France, Austria, Switzerland, Spain and Belgium.
About half an hour after the intervention started, the dollar was trading around 1.8775 West German marks and 140.50 Japanese yen. It had opened in London at 1.8817 marks and 140.80 yen.
Start your day right
Sign up for Essential California for news, features and recommendations from the L.A. Times and beyond in your inbox six days a week.
You may occasionally receive promotional content from the Los Angeles Times.
