Foreign Exchange : Dollar Edges Lower in Quiet Trading

Associated Press

The dollar traded within a narrow range again on Tuesday, edging fractionally lower against most major foreign currencies in U.S. exchange markets. Gold prices rose slightly. Republic National Bank in New York quoted gold at $406.50 an ounce, up $2 from late Monday.

Market analysts indicated dollar activity likely would be quiet in advance of U.S. economic statistics due out Thursday and Friday. The government is scheduled to release reports on retail sales, wholesale price inflation and industrial production.

Trading generally was light, with the dollar gaining against other currencies in Europe before settling in the United States. Nevertheless, the dollar remained at the high end of its recent trading range.

Earl I. Johnson, an assistant vice president at Harris Trust & Co. in Chicago, said the dollar could show more strength in coming days if U.S. economic reports continued to be favorable and reports from other nations such as West Germany kept showing weakness.

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