Dollar Off Versus Most Key Currencies
The dollar turned mixed in New York late Thursday after falling against most key currencies in Europe. Foreign exchange dealers described trading as extremely quiet.
Gold prices rose slightly. At Republic National Bank in New York, gold was quoted at $408.40 an ounce, compared to $406.50 late Wednesday.
Currency dealers said fear of central-bank intervention was preventing many from taking any risky positions. There was widespread speculation Wednesday that the Federal Reserve intervened on behalf of the West German mark by selling dollars and buying marks. The Fed did not comment.
“Basically the dollar did absolutely nothing today,” said Zlatko Glamuzina, chief dealer at the New York office of Banco di Sicilia. Central bankers of Britain, Canada, France, Japan, West Germany and the United States agreed at a special conference last month to work toward more stable exchange rates and balanced economic growth.
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