Foreign Exchange : Dollar Edges Lower; Gold Up in U.S.
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NEW YORK — The dollar edged lower against major foreign currencies Monday in relatively thin trading, depressed by last week’s signs of further U.S. economic sluggishness. Gold prices were higher in the United States after a mixed performance in Europe. Republic National Bank in New York at quoted gold bullion at $438.75 an ounce, up $5.75 from Friday.
Continuing to weigh on the dollar were last week’s statistics showing a rise in U.S. unemployment during September to 7% from 6.8% in August, analysts said. The rise in joblessness indicated to many market participants that the U.S. economy remained weak, and there still was a chance the Federal Reserve Board would push interest rates lower again to spark faster growth.
Lower interest rates reduce the attractiveness of returns on dollar-denominated investments.
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