Dollar Up Against Major Currencies

The dollar continued strengthening against most major currencies Wednesday on what analysts described as technical factors and encouraging news about the U.S. economy.

Gold prices were mixed. Republic National Bank quoted gold bullion at 4 p.m. EDT at $339 an ounce, unchanged from Tuesday.

Analysts said the dollar benefited from a carryover of investor encouragment over Tuesday’s report of a 3.7% rise in the first-quarter U.S. gross national product.

In London, currency dealers said dollars were being bought in expectation that the American currency would rise as a result of the latest economic indicators. But they said the dollar’s gains were tempered by profit-taking in mid-day trading.

At Harris Trust & Savings Bank in Chicago, analyst Earl Johnson said the markets continued to be encouraged by recent comments by various world banking officials indicating an interest in stabilizing the dollar near current levels.

In London, the British pound fell to $1.5165 from $1.5230 late Tuesday. Later in New York, sterling fell to $1.5095 from $1.5225. In Tokyo, where the trading day begins, the dollar continued to recover against the Japanese yen, closing at 169.05 yen from 167.30 yen at Monday’s close.