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Article: Fed News Drives Dollar Mostly Lower
- Article from:
- AP Online
- Article date:
- August 24, 1999
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AP Online
08-24-1999
Fed News Drives Dollar Mostly Lower
NEW YORK (AP) -- The dollar turned mostly lower in volatile trading Tuesday as the Federal Reserve raised short-term interest rates for a second time this summer but also signaled that rates now may hold steady in the months ahead.
In late New York trading, the euro was quoted at $1.0529, up from $1.0505 late Monday. The dollar also was quoted at 110.80 Japanese yen, down from 111.44. But the British pound fell below $1.60.
As expected, inflation fighters at the Federal Reserve raised interest rates by a quarter point for the second time in two months in an effort to cool the economy by making it more difficult for Americans to ...