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CURRENCY : Dollar Slips Lower as Dealers Await Deficit Data

December 10, 1987|Associated Press

NEW YORK — The dollar slipped lower again Wednesday in thin trading as dealers in the foreign exchange markets awaited news on the U.S. trade deficit.

Gold prices edged higher. Republic National Bank of New York quoted the metal at $484 an ounce at 4 p.m. EST, up from $482.90 late Tuesday.

Activity in the currency markets was muffled by traders' anticipation of the October trade figures, due out today. Analysts said most players were standing aside or staking minor positions in advance of the report, which could set the tone for trading through the end of the year.

In Tokyo, where the trading day begins, the dollar closed at 132.35 Japanese yen, down from 132.78 on Tuesday and its lowest since postwar exchange rates were established in the late 1940s.

In London, the dollar traded even lower late in the day at 132.30 yen, down from 132.73 late Tuesday. Later in New York, the dollar sunk to 132.19 yen, down from 132.64.

In London, one British pound cost $1.8035, more expensive than the $1.7965 quoted late Tuesday. In New York, the pound rose to $1.8042 from $1.7990.

Other late New York rates, compared to late Tuesday, included: 1.6621 West German marks, down from 1.6645; 1.3585 Swiss francs, down from 1.3600; 5.6305 French francs, down from 5.6460; 1,224.00 Italian lire, down from 1,226.50, and 1.3062 Canadian dollars, down from 1.3077.

Gold bullion was unchanged in Europe, quoted at $483.50 an ounce in London and $484 in Zurich. Earlier in Hong Kong, gold closed at a $485.27, up from $483.23.

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