Durable Goods Report Boosts Dollar
The dollar edged mostly higher Tuesday in foreign exchange trading after the government reported an increase in U.S. durable goods orders in May.
Gold prices were steady to slightly higher. In after-hours trading, Republic National Bank in New York reported a late bid for gold of $316 an ounce, up 75 cents from Monday’s late bid.
In advance of the government’s economic report, the dollar fell to 248.70 Japanese yen in Tokyo from 249.06 yen Monday.
But the dollar moved higher in Europe and in the United States after the Commerce Department reported that factory orders for durable goods rose 4.1% in May, compared to an increase of 0.2% in April.
The increase in durable goods orders was viewed as evidence that the U.S. economic expansion continues, a development that could lead to higher interest rates and a more attractive dollar.