LONDON — The U.S. dollar stabilized in early trading today, a day after its biggest one-day slide in more than 12 years. Gold prices gained.
By the time markets opened in Europe, the dollar had steadied. It was trading at higher levels than the depths it reached in U.S. trading but was mixed in comparison with Monday's earlier European close. Still, the West German Bundesbank sold $46.6 million at the daily fixing. There was no intervention, however, on the open market.
In London, the British pound was quoted at $1.434, cheaper than the late Monday rate in New York of $1.44875, but more expensive than Monday's European close of $1.43.
Other dollar rates at mid-morning, compared to late European rates Monday, were: 2.7072 West German marks, down from 2.7085; 2.2240 Swiss francs, down from 2.2255; 8.2863 French francs, up from 8.2700; 3.0488 Dutch guilders, down from 3.0635; 1,824.50 Italian lire, down from 1,836, and 1.3635 Canadian dollars, up from 1.3625.