Advertisement
YOU ARE HERE: LAT HomeCollectionsFixme

Foreing Exchange : Dollar Up in Quiet Trading; Gold Off

February 05, 1987|Associated Press

NEW YORK — The dollar rose modestly against most major currencies in mainly quiet trading Wednesday, drawing support from recent figures showing strength in the U.S. economy.

Gold prices slipped. Republic National Bank of New York quoted a bid price for gold bullion of $402.25 an ounce, down from $403 on Tuesday.

The dollar was buttressed by new U.S. economic indicators. The Commerce Department said Tuesday that its main index of future U.S. economic activity rose a hefty 2.1% in December, although the improvement was due mainly to one-time factors. The government also reported Tuesday that new home sales jumped 12.7% in December and orders to U.S. manufacturers rose 1.2%, with civilian demand posting its biggest rise in more than eight years.

"The dollar did make a pretty nice turnaround," said Carmine Rotondo, chief corporate dealer for Security Pacific International Bank. "We seem to be looking at some fairly good statistics here."

Advertisement
Los Angeles Times Articles
|
|
|