Foreign Exchange for Friday, Oct. 4, 1985 : Dollar Edges Up in U.S. Trading
NEW YORK — The dollar edged higher against most major currencies in U.S. trading Friday after losing ground on European and Asian markets.
World gold prices were mixed. Republic National Bank in New York quoted gold as of 4 p.m. at $328.50 an ounce, down 75 cents from Thursday’s late bid.
Foreign exchange dealers attributed the dollar’s stability in the United States largely to technical factors, and they said the dollar otherwise remained under heavy pressure in advance of today’s meeting of monetary officials from the United States, West Germany, Japan, France and Britain.
The five recently launched a joint effort to push the dollar lower in order to curb the threat of trade protectionism, and dealers have since reported sizable dollar sales by some of their central banks.
While some analysts have viewed the intervention as relatively moderate, the prospect of further intervention by the banks has still left many traders reluctant to hold dollars.
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