Foreign Exchange for Monday, Sept. 30, 1985 : Dollar Rises After Economic Report
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NEW YORK — The dollar rose against most other major currencies in U.S. trading Monday after a mixed showing in Europe.
Gold prices fell worldwide, closing at about $323 an ounce in New York.
The dollar mostly advanced in the United States after the Commerce Department reported that its main gauge of future economic activity, the index of leading indicators, rose a solid 0.7% last month.
But dealers in Frankfurt said the data had no lasting impact on European currency markets, and U.S. traders also were reluctant to attribute the dollar’s upturn solely to the economic figures. They said demand for dollars also came from trading firms and corporate investors who were adjusting their currency portfolios before the third quarter wound to a close Monday.
In particular, they said, short sellers of dollars were covering their positions before the third quarter ended.
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