Foreign Exchange for Tuesday, Oct. 14, 1986 : Dollar Mixed in Uneventful Trading

The dollar put in a mixed performance against major foreign currencies Tuesday in uneventful trading.

Gold prices fell fairly sharply on continued concerns that OPEC members meeting in Geneva won’t reach an agreement on limiting oil production to boost prices.

Gold was quoted at $427.25 an ounce later at 4 p.m. EDT at Republic National Bank in New York, down $2.50 from Friday’s late bid.

U.S. banks were closed for the Columbus Day holiday on Monday, so there was no foreign exchange trading in New York and Republic wasn’t quoting gold prices.

Tuesday’s foreign exchange trading was marked by an absence of news.

David Johnson, a currency trader with Harris Trust & Savings Bank in Chicago, said: “It seemed like there was some interest of selling the dollar out of Europe. The U.S. has been bearish in terms of the dollar for quite some time so they did not fight the selloff. Here we sat with the U.S., complacent with the dollar down at these levels.”