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Foreign Exchange

Dollar Up but Ends Below Day's Highs

May 02, 1985|Associated Press

NEW YORK — The dollar rose against most major foreign currencies Wednesday but finished the session below its highs of the day as bond market interest rates fell in the United States.

With many European foreign exchange markets closed in observance of the May Day holiday, currency analysts said trading was listless and swings in exchange rates were exaggerated.

The price of gold, which fell sharply late Tuesday, dropped further in quiet trading. Republic National Bank in New York said gold bullion was bid at $313 an ounce as of 4 p.m. EDT, down $1.25 from the late bid Tuesday.

Also currency traders are confused about the direction of the economy and interest rates in the United States.

Government economic reports have pointed to sluggish growth in the first three months of 1985, but many analysts are predicting a pickup in activity in the current quarter and during the summer.

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