IN BRIEF : Dollar Ends Mixed in Europe
The dollar ended mixed in European trading today after a round of central bank intervention dampened the currency’s strength. Gold prices were mixed.
Foreign exchange dealers said the absence of any strong policy statements arising from the Group of Seven industrialized nations meeting in Washington on Friday provided the foundation for a further strengthening of the dollar.
But the bullishness was dampened by intervention from the Federal Reserve, West German Bundesbank and other European central banks, which sold dollars and diluted the impact of the currency’s rise.
In Tokyo, where trading ends before Europe’s business day begins, the dollar rose 0.43 yen to close at 129.70. Later in London it was quoted at 129.60 yen.
In London, one British pound cost $1.7345, cheaper for buyers than the $1.7410 exchange rate late Friday.
Gold bullion was trading in London at a bid price of $388.95 a troy ounce, up from $388.25 bid late Friday.
In Zurich, the bid price was $387.50, down from $389.90 bid late Friday.
Financial markets were closed in Hong Kong on today for the Chinese Lunar New Year holiday. They reopen Thursday.
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