Foreign Exchange for Thursday, Dec. 18, 1986 : Dollar Off Against Most Currencies
The dollar fell against most major currencies on world markets in thin, year-end trading Thursday.
Gold prices were higher. Republic National Bank, New York, quoted gold bullion at $394.25 an ounce, up $2.25 from Wednesday.
Analysts said currency exchange rates were stuck in narrow ranges, where they were expected to remain for the rest of the year as traders closed out their books.
“It has been a very, very lackadaisical market. We’re not seeing anything at all important happening out there,” said Chad Dickson, a currency analyst at Salomon Bros.
He said the British pound showed some strength, amid hope that the Organization of Petroleum Exporting Countries was about to announce a production limitation agreement that would push up oil prices.
OPEC’s ministerial talks in Geneva broke Thursday without a formal accord, with more talks scheduled for today.
The pound rose to $1.42975 late in New York from $1.4300 on Wednesday.
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