Foreign Exchange for Monday, Nov. 4, 1985 : Dollar Rises Broadly in U.S. Trading
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NEW YORK — The dollar rose against most major currencies in late U.S. trading Monday, recovering from a 19-month low and reversing earlier declines in Europe.
Currency dealers attributed the halt in the dollar’s latest retreat, in part, to remarks by Karl Otto Poehl, the head of West Germany’s central bank, that there is no coordinated European effort at the moment to lower dollar’s value.
Gold bullion prices were mixed in quiet trading. Republic National Bank of New York said gold was bid at $325.25 an ounce, down $1 from the late bid Friday.
Currency analysts said Poehl’s statement was interpreted by some traders as a sign that Western industrial nations may not intervene further to bring the dollar down.
Dealers who sold dollars short in recent weeks decided to buy them back, anticipating the currency would not decline as rapidly as previously thought, said Elaine Lloyd, an analyst at Irving Trust Co. in New York.
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