Dollar Turns Mixed in U.S. Trading
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NEW YORK — The dollar, which rose earlier in the trading day, turned mixed against major foreign currencies in dull U.S. trading Friday after the Federal Reserve reported that industrial production fell 0.6% in May.
Gold prices also were mixed. Bullion was quoted at $346.25 an ounce at 4 p.m. EDT at Republic National Bank in New York, down 25 cents from late Thursday.
The drop in production at the nation’s factories, mines and utilities was the third big decline in the past four months and left industrial production 2% below where it was in January, the Fed said.
Larger than expected, it fueled fears that the Fed will move to lower interest rates to spur economic activity, said William Orsini, manager of commercial foreign exchange at the Bank of Montreal.
In moderate European trading, the dollar rose following Japanese central bank intervention to halt the yen’s rise. The dollar also rose in Tokyo when the Bank of Japan intervened in the open market in a continuing effort to dampen the yen.
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