Foreign Exchange for Wednesday, Aug. 21, 1985 : Dollar Falls Against Most Currencies
The U.S. dollar fell against most major currencies in a day of moderate trading Wednesday. Gold prices were up.
“There wasn’t any particular news in the market that did it,” said Diane Maslowski, a trader at Bank of America’s New York trading center. “I think the market was looking for something to do.”
She said the market quickly shrugged off the U.S. government’s upward revision Tuesday of second-quarter growth in the gross national product to 2%.
In July, the GNP figure had been posted as a 1.7% increase, and most investors had been expecting a downward revision.
“People are thinking, ‘That’s past performance,’ ” Maslowski said. “They ‘re looking toward the future. They don’t see the economy as being as strong as was earlier predicted, and so I think the sentiment is for a lower dollar.”
Gold bullion prices, meanwhile, edged higher in light trading.
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