Banks Intervene to Shore Up Dollar
A barrage of intervention by more than a dozen central banks lifted the dollar today, with the buying effort succeeding in keeping the U.S. currency from revisiting Thursday’s record low of 1.4467 marks.
“Everybody but the kitchen sink was in,” said Kevin Weir at the Canadian Imperial Bank of Commerce.
Germany’s Bundesbank led 13 other central banks in a concerted round of intervention, catching dealers off guard and driving the dollar up to 1.4617 marks from an opening of 1.4585.
The dollar was at 127.75 Japanese yen, down from 128.40 yen at Thursday’s close.
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