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Foreign Exchange for Tuesday, Feb. 24, 1987 : Dollar Declines in the United States

February 25, 1987|Associated Press

NEW YORK — The dollar turned lower against most key currencies in U.S. trading Tuesday after firming up overseas, reflecting a reluctancy among dealers to take any major positions following a weekend currency accord in Paris.

Gold was mostly off. Republic National Bank, New York, bid $402 an ounce, down from $402.50 late Monday.

The dollar had strengthened in Europe and Japan, but it fell in the U.S. on what most dealers termed technical factors.

"There was no great deal of (economic) news that I saw that would account for the move down," said James Vick, vice president and senior corporate trader for Manufacturers Hanover Trust Co. in New York.

He said a number of traders had bought into the market attempting to push the dollar higher, but liquidated their portfolios after running into some resistance.

Dealers said the market has been trading in a narrow range following the weekend action in which the U.S. and its five key trading partners agreed to help stabilize currency exchange rates.

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