THE pound has risen against the deutschmark as international funds moving into US dollars weakened the German currency. The pound rose by just over 1.5 pfennigs to DM2.4301 and slipped against the rising dollar by over half a cent to $1.611 5.
The US dollar sneaked above the psychological DMI.50 barrier in early trade yesterday It continued to firm as the day progressed and a wave of fund buying propelled it towards DMI.51. Speculation that German interest rates could ease further and that US rates might rise soon are behind the latest strength of the dollar and deutschmark weakness.
:quality(70)/cloudfront-eu-central-1.images.arcpublishing.com/irishtimes/VR3765MFOBH2NMV2QNICYDF67M.png)