Europe Banks Give Dollar a Lift

Concerted intervention by major central banks lifted the U.S. dollar from its midday lows today, but the currency finished mixed in Europe. Gold prices also closed mixed.

London dealers said afternoon intervention by West Germany’s Bundesbank, the U.S. Federal Reserve, the Bank of England and other central banks boosted the dollar to a high of 1.6020 West German marks and 123.75 Japanese yen before it drifted down in late trading. Before the central banks intervened, the dollar had slid below record lows hit late Monday against the mark, the Swiss franc and the Dutch guilder, and closed at a new low against the Japanese yen.