Foreign Exchange for Wednesday, Aug. 6, 1986 : Dollar Off Against Most Currencies
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NEW YORK — The dollar fell against most major currencies on Wednesday on continued pessimism about the economy. Gold prices were higher. Bullion was quoted at $360.50 an ounce at Republic National Bank in New York, up $1.50 from Tuesday’s bid.
Jim McGroarty, a vice president with Discount Corp., said: “We did come in to some late European selling. It seemed like pretty heavy commerical selling.”
However, “some reasonably good Mideast interest brought it back up,” McGroarty said. “It was fairly hectic at some stages of the day. Once Europe closed up, it remained pretty quiet and we pretty much drifted off back down.”
Garrett Glass, a vice president of First National Bank of Chicago, said: “Sometimes in the market, it’s more important what did not happen.”
He cited as significant the absence of an upward reaction to remarks by Treasury Secretary James Baker that the United States had exhausted using a weaker dollar to improve the country’s trade deficit.
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