Foreign Exchange for Thursday, June 27, 1985 : Dollar, Gold Mixed in Light Trading
Both the dollar and gold were mixed in extremely light trading Thursday.
Bullion was quoted at a late bid of $316.75 an ounce in after-hours trading at Republic National Bank, up $1.25 from late Wednesday.
“Basically, there was very, very little activity. Most of the activity in New York has been by small speculators,” said Jack Barbanel, director of futures trading at Gruntal & Co. “Early in the morning we saw the dollar being fairly strong on the opening, but it has leveled off a bit.”
One Frankfurt dealer said there were no major factors to influence the dollar. He said the market was waiting for the U.S. government to announce its index of leading economic indicators for May on Friday, which was expected to show an increase of up to 1.2% over April.
Barbanel said it was surprising the dollar didn’t retreat further because bond prices were up substantially and interest rates were down.