CURRENCY : Dollar Declines in Quiet Trading
The dollar declined in quiet trading Friday as foreign exchange markets awaited next week’s release of U.S. trade figures for January.
Gold prices slipped after soaring as much as $7 an ounce Thursday. Republic National Bank of New York quoted a late bid price of $441.25 for an ounce of gold, down from $442.50 late Thursday.
Currency dealers said the dollar opened lower in New York, reaching trading levels set in overseas activity, but moved little the rest of the day.
Volume was light in advance of the weekend. There was more interest in trading in the other major currencies, which dominated the markets for much of the week.
Earl I. Johnson, assistant vice president with Harris Trust & Savings Bank in Chicago, said the market was waiting for two announcements expected next week: the British budget, to be unveiled Tuesday, and U.S. trade figures for January, to be released Thursday.
The British pound continued to climb against the dollar Friday, trading in London at $1.8535, up from $1.8435 late Thursday. In later New York trading, the pound rose to $1.8562 from $1.8462.
In Tokyo, the dollar closed at 127.80 Japanese yen, down from Thursday’s close of 128.20 yen. Later in London, it fell to 127.80 yen and in New York, it slipped to 127.295 yen from 127.955 yen.
Other late dollar rates in New York, compared to late Thursday’s prices, included: 1.6502 West German marks, down from 1.66345; 1.3696 Swiss francs, down from 1.3785; 5.6460 French francs, down from 5.6665; 1,231.00 Italian lire, down from 1,236.625, and 1.25705 Canadian dollars, up marginally from 1.25685.
