Foreign Exchange for Thursday, Aug. 8, 1985 : Dollar Edges Down in Quiet Trading
The dollar edged down against most currencies in quiet trading Thursday. Gold prices were mixed.
“We’re in a period of consolidation here,” said Ronald Holzer, chief dealer at the Harris Trust & Savings Bank in Chicago.
Traders in Europe also said the market was consolidating, meaning that activity was slow as the market awaited another major upward or downward move.
The pound gained in value after speculation Wednesday that the Bank of England may have intervened to stabilize erratic action by the British currency.
Holzer said it was the recovery of sterling “that brought the dollar down in sympathy.”
In addition, he suggested that recent racial unrest in South Africa may be affecting the currency market.
“What we’re seeing with the troubles in South Africa is a disinvestment back into Swiss francs and sterling,” Holzer said.
Start your day right
Sign up for Essential California for news, features and recommendations from the L.A. Times and beyond in your inbox six days a week.
You may occasionally receive promotional content from the Los Angeles Times.
