Foreign Exchange : Dollar Rises in Light Trading in U.S.
NEW YORK — The dollar rose in light trading Tuesday on U.S. exchange markets after a mixed performance overseas. Gold prices were mixed. Republic National Bank of New York quoted a bid for gold at $390 an ounce, up $1.25 from Monday’s close.
James Vick, vice president and senior corporate trader at Manufacturers Hanover Trust Co., said the dollar moved in a narrow range throughout the day. “In a thin market, price movements are more erratic and less predictable,” Vick said.
He said the release of the government’s index of leading indicators and its report on new home sales, which would be expected to have an effect on a more active market, “did not have the kind of impact they would normally have.”
The Commerce Department said the index, its main barometer of future economic activity, shot up 1.2% in November, the largest rise in seven months. The deparment also reported that new U.S. single-family home sales fell 2.2% in November.
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