$US firm against most

Press, 9 March 1987, Page 14

$US firm against most

NZPA-AP New York The American dollar advanced against most major currencies in American dealings on Friday (early Saturday, N.Z. time), after a mixed performance overseas as dealers reacted favourably to stronger-than-expected February unemployment figures. The Labour Department in Washington reported the nation’s unemployment rate held steady at 6.7 per cent in February — its third month at the lowest rate in nearly seven years — as the economy generated 370,000 new jobs. ‘The unemployment figures were better than expected. That helped boost the dollar,' said Mr Robert Cassidy, a trader arid vice-president of foreign exchange for Chemical New York Capital Markets Group. Mr Michael Papaioannou, director of Foreign Exchange Service for Wharton Econometrics, said he saw the dollar move higher

shortly after the release of the unemployment data. But he said it was the continued concern about possible central bank intervention and the “firming expectations about the credibility of the U.S. Government,’ in the wake of the Iran-contra affair, that kept the U.S. dollar at higher levels. The British pound ended the week in New York at $U51.5855, unchanged from the previous session. The dollar stood- at 153.66 Japanese yen, compared with 153.305 yen on Thursday. Other late dollar rates .in New York, compared with Thursday’s rates, included: 1.8440 Deutsche marks, up from 1.8335; 1.5555 Swiss francs, up from 1.5455; sCan 1.3341, up from $Can1.33265.