950815

Dollar rises

NEW YORK: The dollar soared to its highest levels in six months at the U.S. midday after the United States, Japan, Germany and Switzerland took the market by storm with concerted intervention.

The central bank buying began in Europe, and succeeded in catching an illiquid market off guard. The intervention sent dealers scrambling and the dollar shooting higher.

At midday, the dollar stood at 1.4731/36 marks, up from 1.4640/50 marks at the open and 1.4355/62 marks at Monday's close. It also traded at 96.65/70 yen, from 96.00/10 yen and from 93.60/70 on Monday.

Sterling fell to $1.5563/73, from $ 1.5630/40 at the open and $1.5705/15 on Monday.

The dollar also traded at Canadian $1.3603/08 from C$1.3563/68.-Reuter