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Foreign Exchange for Tuesday, July 29, 1986

Dollar Mixed; Gold Prices Down

July 30, 1986|Associated Press

NEW YORK — The dollar turned mixed, trading in a narrow range in the United States on Tuesday after falling in Europe.

Gold prices were down.

Bullion was quoted at $351.75 at 4 p.m. EDT at Republic National Bank in New York, down $2.75 from Monday's late bid.

Investors remained bearish about the dollar and were reluctant to take new positions after Federal Reserve Chairman Paul A. Volcker testified before the House Banking Committee, traders said.

Volcker said that a soaring trade deficit put the United States in a "difficult and dangerous situation" and could, if not corrected, topple the country into a recession.

Lawrence Kreicher, an international economist for Irving Trust in New York, said, "What we've seen now is the bearish feeling about the dollar, about this economy, that is engrained in the market.

"The direction for the dollar is still down, and we have no sign of strength," Kreicher added.

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