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Article: Dollar Mostly Lower on Fed News
- Article from:
- AP Online
- Article date:
- August 25, 1999
CopyrightThis material is published under license from the Associated Press. All inquiries regarding rights should be directed to the Associated Press. (Hide copyright information)
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AP Online
08-25-1999
Dollar Mostly Lower on Fed News
NEW YORK (AP) -- The dollar rose against most major currencies on Wednesday, fueled by expectations that investors will buy dollars to purchase U.S. bonds and stocks now that many believe the Federal Reserve is done raising interest rates this year.
In late New York trading, the euro was quoted at $1.0425, down from $1.0529 late Tuesday. The dollar also was quoted at 111.14 Japanese yen, up from 110.80.
On Tuesday, the Fed raised short-term interest rates for the second time this summer in an effort to cool the economy by making it more difficult for Americans to borrow money.
Many investors expect that the Fed will not raise rates ...