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Foreign Exchange for Wednesday, Feb. 25, 1987 : Dollar Off Against Most Currencies

February 26, 1987|Associated Press

NEW YORK — The dollar was down slightly against most major currencies in a narrow range of trading Wednesday as most dealers remained on the sidelines awaiting further clues on the state of the U.S. economy.

Gold prices rose.

Republic National Bank in New York quoted a bid of $402.75 an ounce, up from $402 late Tuesday.

Currency dealers said the dollar was trading in a fairly narrow range in the absence of fresh economic data.

"It's extraordinarily quiet," said Peter A. Ellsworth, vice president and director of foreign exchange for Kidder, Peabody & Co., "but the stability that has characterized the currency market this week should not be taken for capitulation."

Many dealers said they expected the dollar to fall, especially if durable goods orders and the trade figures for January signal sluggish economic growth. The government was scheduled to release those reports Thursday and Friday, respectively.

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