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Dollar Lower in Skittish Trading

January 18, 1985|Associated Press

NEW YORK — The dollar turned lower in skittish late trading Thursday amid speculation that finance ministers meeting in Washington would act to halt its record-shattering climb.

"It's a little bit of a waiting game," said Elaine Lloyd, a currency trader at Irving Trust Co. in New York.

After markets closed, the ministers issued a joint statement reaffirming an earlier accord "to undertake coordinated intervention in the markets as necessary."

A Treasury Department official, who spoke on condition that he not be identified further, said in Washington, "The message to the market is: 'Watch it."'

Gold prices rose, also undercutting the dollar. Republic National Bank in New York said gold bullion was bid at $307.15 an ounce, up $3.35 from the late bid Wednesday and up $5.90 over the past two days.

Gold in London was quoted at a late bid of $305, in Zurich it closed at $305.50.

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