Dollar Turns Higher in U.S. Trading

The dollar rose against all major foreign currencies except the Canadian dollar in U.S. trading Friday following a mixed showing in Europe, with analysts attributing the late gains mostly to technical factors.

The price of gold also rose. Republic National Bank of New York said gold was bid at $340.75 an ounce as of 4 p.m. EST, up from $340 late Thursday.

Analysts said much of Friday’s gains in U.S. trading stemmed from short covering.

Analysts said the dollar retreated from its highs for the day after the release of government reports of declining personal income and consumer spending in the United States last month, an indication of sluggish economic growth. A drop in U.S. interest rates and expectations of further declines also cut into the dollar’s gains.

“There were a lot of negatives for the dollar and not really a lot to convince anyone they should take a long position on the dollar for the weekend,” said Dan Holland, a currency analyst at Discount Corp. in New York.