Foreign Exchange : Dollar Stronger in Europe; Gold Up

The dollar strengthened against most major currencies Wednesday, as traders awaited the release of new statistics on the U.S. economy and congressional testimony by two ranking government financial officials.

Gold was marginally higher in late New York trading. At Republic National Bank gold sold for $392.50 an ounce, up from $392.10 late Tuesday.

“Market participants were squaring up their positions, expecting that tomorrow would shed some light--however dim--on whether the dollar will be headed down or up,” said Ronald Sapiro, a currency analyst at Chicago’s Continental Illinois National Bank & Trust.

Fourth-quarter gross national product figure is set for release today and Federal Reserve Board Chairman Paul Volker and Treasury Secretary James Baker will testify before Senate committees.