27 JUNE 1987, Page 25

Greenbacks for Greenspan

THE dollar is perking up, a phenomenon which we tend to notice as the pound perks down, and the Bank of England, which bought $4,760 million of foreign currency for the reserves last month, has been happily taking a profit. Michael Hughes at Barclays de Zoete Wedd has been calling the turn in the dollar, influenced by the choice of Alan Greenspan to succeed Paul Volcker at the US Federal Reserve: 'Re- ports that a one-hour interview with Mr Greenspan was recently charged at $16,000 suggest impressive monetarist credentials.'