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Dollar Declines Against Most Major Currencies

September 04, 1987|Associated Press

NEW YORK — The dollar fell Thursday against major currencies except the Japanese yen and the Canadian dollar, marking its fourth straight day of decline in active trading.

Gold prices were mixed, after jumping more than $10 an ounce Wednesday. Republic National Bank in New York quoted gold at $463.50 an ounce, down from $465 late Wednesday.

The dollar extended the retreat that has pushed it to three-month lows against the West German mark and Japanese yen. Without significant new developments to affect the dollar's movements, it was buffeted by unconfirmed market rumors.

Currency traders said speculation was led by an unconfirmed rumor that finance ministers of the Group of Five major industrialized countries planned to hold an emergency meeting Monday in Switzerland, possibly to agree to lower the group's targets for the desired value of the dollar against other currencies.

"The feeling is that if the G-5 does get together, they will agree to put the dollar lower," said Beth Firuta, a corporate trader for Marine Midland Bank.

"On balance, the market's sentiment still remains pretty strongly negative" toward the dollar, said James McGroarty, a dealer for Discount Corp.

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