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Foreign Exchange for Monday, March 2, 1987 : Dollar Firms in U.S. Trading; Gold Off

March 03, 1987|Associated Press

NEW YORK — The dollar was firmer against most major currencies in U.S. dealings Monday after turning a mixed performance in Europe, as the possibility of central bank intervention continued to occupy most traders' minds.

Gold prices fell. Republic National Bank in New York quoted a bid of $403.50 an ounce, down from $405.25 on Friday.

Foreign exchange dealers said trading was fairly quiet, and they attributed the dollar's rise mostly to technical factors.

"I think people are still bearish toward the dollar, but it's not going down because the G-6 accord stopped the momentum," said Ronald Holzer, chief dealer for Harris Trust & Co., Chicago.

The United States and five of its main trading partners--collectively dubbed by some dealers as the Group of Six--last month agreed to help stabilize currency exchange rates and signaled their readiness to intervene to steady the dollar.

The currency has has lost about 40% of its value against major currencies since 1985.

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