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Dollar Turns Mixed in U.S. Trading

February 08, 1986|Associated Press

NEW YORK — The dollar turned mixed Friday in U.S. trading that was subdued by a snowstorm on the East Coast.

Earlier in the day, the dollar was boosted by news that the nation's unemployment rate fell in January. It rose further, but briefly, after a judicial panel rejected the core of a new law designed to reduce the federal budget deficit.

Gold prices also were mixed. Bullion was quoted at $339.50 an ounce at Republic National Bank at 4 p.m. EST, up $2.25 from Thursday's late bid.

The dollar advanced early in the morning, when the Labor Department announced that unemployment fell from 6.9% to 6.7% in January.

More significantly, the department also reported a sharp rise in non-farm payrolls last month, indicating that U.S. economic growth is accelerating.

That prompted speculation that U.S. interest rates would rise in the near-term.

Higher interest rates would make the dollar a more attractive investment.

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