In Brief : Dollar Unchanged in Quiet Trading
The U.S. dollar was little changed in quiet European trading today ahead of Thursday’s scheduled budget speech by President Bush. Gold prices were lower.
“We’re waiting to see how well it goes down,” one corporate dealer in London said of Bush’s fiscal 1990 budget proposals.
Another London dealer said the market expected Bush to say favorable things on cutting the deficit, “so the big question is, to what extent have any bullish comments already been discounted by the market?”
Dealers said the market was less bullish toward the dollar this week than in the past few weeks as the combination of recent central bank intervention, profit taking and technical resistance have slowed the dollar’s advance.
In Tokyo, where trading ends before Europe’s business day begins, the dollar closed at 129.50 Japanese yen, unchanged from Tuesday’s close. Later, in London, it edged up to 129.55 yen.
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