Dollar Mostly Lower in U.S. Trading
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NEW YORK — The dollar mostly fell against other major currencies in U.S. trading Friday after advancing in Europe, although it extended its recovery against the British pound in both centers.
Gold prices, meanwhile, edged higher in the United States after losing ground in Europe. Republic National Bank in New York quoted gold at $321.50 an ounce, up $1.10 from Thursday’s late bid.
The dollar moved ahead in Europe in a carry-over from Thursday’s United States activity, when the American currency was bolstered by a sharp decline in the British pound.
Sterling came under pressure from new indications pointing toward lower world oil prices, which would erode the substantial revenue that Britain derives from its North Sea oil holdings.
In addition, traders said the dollar drew some strength from the agreement between U.S. congressional negotiators on a fiscal 1986 federal budget that calls for the deficit to be pared by about $55.5 billion to $172 billion.
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