Foreign Exchange for Monday, Aug. 5, 1985 : Dollar, Mixed in Europe, Gains in U.S.
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NEW YORK — The dollar rose against most other major currencies in U.S. trading Monday after a mixed showing in Europe.
But the dollar briefly suffered a sharp decline against the West German mark after President Reagan said that a tissue removed from his nose last week was a skin cancer.
Gold prices edged higher worldwide. Republic National Bank in New York quoted gold at $323 an ounce, up $1.50 from Friday’s late bid.
After a lackluster performance in European foreign exchange, the dollar was gradually moving ahead in the United States when Reagan made the disclosure.
The dollar otherwise retained its advance against most other currencies, but its quick decline against the mark on the basis of Reagan’s disclosure “shows the dollar is still vulnerable on the downside,” said Ronald Holzer, chief dealer at Harris Trust & Savings Bank in Chicago.
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