The dollar turned in a mixed performance Tuesday in the wake of heavy intervention by West Germany’s central bank. But the dollar strengthened as the day progressed and trading became more active.
Gold bullion prices also were mixed in a narrow range. Bullion was quoted at $344.75 an ounce at 4 p.m. EDT at Republic National Bank, up $1 from Monday’s bid.
Investors appeared reluctant to take strong positions near the end of the month and ahead of the May 4 Tokyo economic summit, traders said.
Jack Barbanel, director of futures trading at Gruntal & Co., said: “There are tribulations about what would be the result of the Tokyo summit meeting. Most of the trade decided to take some profits on the currencies and hold off and wait and see some of the results of the summit meeting.”
An early morning report that the U.S. leading economic indicators rose 0.5% in March from February had little impact on the market.