Mark Emerges as Strongest Currency; Analysts See No Change in Its Position
NEW YORK -- The mark has emerged as the world's strongest currency in recent weeks, and analysts see no reason for a change in its position anytime soon.</br></br>Its outlook remains favorable because of West Germany's pre-eminent economic position in central Europe, the Bundesbank's tight monetary policy and the prospect of credit-easing moves in the U.S.</br></br>Mark-buying did grow cautious late last week as the currency bumped into an important resistance point. But analysts say it's hard to identify a potential top.</br></br>"The mark is king of the currencies and probably will be for some time," says Steve Chronowitz, director of futures research at Smith Barney, Harris Upham & Co. He says he is still bullish on the mark even though "the market will take a breather occasionally."</br></br>Since early November, when the Berlin Wall began crumbling, the mark has risen about 8% against the dollar.