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Dollar Up in U.S. but Mixed Abroad

October 10, 1985|Associated Press

NEW YORK — For a third straight day, the dollar rose in the United States following a mixed performance in Europe, but dealers said Wednesday's session continued to be dominated by concern about intervention against the dollar.

Gold bullion prices were little changed in trading that was described as generally uneventful. Republic National Bank of New York said gold was bid at $324.75 an ounce at 4 p.m. EDT, unchanged from the late bid Tuesday.

Currency traders attempted throughout Wednesday's session to find out at what exchange rates central banks would step into the markets and sell dollars.

David Arbesman, first vice president at Prudential-Bache Securities in New York, said the market is "testing the will of the central banks."

There were unconfirmed reports that the Japanese central bank sold dollars during Asian trading Wednesday. The central banks are not expected to permit the dollar to march upward indefinitely, dealers said.

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