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Dollar Turns Higher in U.S. Trading

March 05, 1987|Associated Press

NEW YORK — The dollar turned higher against most major currencies after turning a mixed performance overseas, as traders shrugged off more negative news about the U.S. economy.

Gold prices were up sharply. Republic National Bank in New York quoted a bid of $410 an ounce as of 4 p.m. EST, up from $406.75 late Tuesday.

Traders said technical factors stemming from a continued fear of central bank intervention kept the dollar higher despite a Commerce Department report showing January factory orders down 4%, the steepest one-month decline in about seven years.

That report was the latest in a series of negative news about the economy. On Tuesday, the government said its main economic forecasting gauge, the index of Leading Indicators, fell 1% in January. The government also reported that sales of new single-family homes fell 6.8% that month.

The dollar fluctuated within a narrow range in Europe.

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