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CURRENCY : Dollar Slips in Light Trading; Caution Cited

February 23, 1988|From Associated Press

NEW YORK — The dollar drifted lower Monday against most other currencies in listless trading that analysts said reflected uncertainty about the outlook for the U.S. economy and interest rates.

Gold prices were narrowly mixed. Republic National Bank in New York quoted a late bid for gold at $444.25 an ounce, down 75 cents from Friday's late bid.

Traders looking for clues about the direction of the economy are focusing on reports due later this week when the government makes its latest revised estimate of fourth-quarter economic growth and issues reports on consumer prices, income and spending in January.

In Tokyo, the dollar fell to 129.95 Japanese yen from 130.53 yen on Friday. In later trading in London, the dollar slipped to 129.27 yen. In New York, the dollar fell to 129.35 yen from 130.05 yen.

In London, the British pound rose to $1.7630 from $1.7505 late Friday. The pound finished at $1.75925 in New York, up from $1.7495 last Friday.

Other late dollar rates in New York, compared to late rates Friday, included: 1.69785 West German marks, down from 1.7080; 1.39275 Swiss francs, down from 1.3980; 5.7410 French francs, down from 5.7755; 1,249.50 Italian lire, down from 1,256.75, and 1.27225 Canadian dollars, down from 1.2737.

Late dollar rates in Europe, compared to late rates Friday, included: 1.6955 West German marks, down from 1.7075; 1.3930 Swiss francs, down from 1.3985; 5.7500 French francs, down from 5.7675; 1.9040 Dutch guilders, down from 1.9150; 1,252.25 Italian lire, down from 1,257.75, and 1.2738 Canadian dollars, up from 1.2702.

On New York's Commodity Exchange, gold for current delivery fell 20 cents an ounce to $444.90 from $445.10 last Friday.

In London, gold rose to $446 from $442.90. In Zurich, Switzerland, gold rose to $446.50 from $443.

In Hong Kong, gold fell to $447.12 from $447.51 on Saturday.

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