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Foreign Exchange for Monday, NOv. 18, 1985 : Dollar Mixed in Europe, Falls in U.S.

November 19, 1985|Associated Press

NEW YORK — The dollar was mixed against major currencies in Europe and fell slightly in New York on Monday in one of the slowest trading days since the August doldrums.

Gold prices were mixed. Republic National Bank in New York reported gold was bid at $323.80 an ounce at 4 p.m. EST, up a nickel from $323.75 late Friday.

"There's really nothing going on," said Alex Kirzhnev, a trader for Union Bank of Switzerland in New York. "People are very upset with the fact that we're almost in a fixed rate of exchange."

Frank Rusateri, an analyst for the Bank of Montreal in New York, said he expected trading to remain slow all week unless the revised third-quarter figure for the Gross National Product on Wednesday is far from the expected range of 3% to 3.5%.

In Europe, currency dealers said many multinational corporations were staying on the sidelines, seeing little need to hedge their currency positions because of the steadiness of exchange rates in recent weeks.

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