Foreign Exchange for Thursday, Aug. 15, 1985 : Economic Doubts Push Dollar Lower
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NEW YORK — The dollar fell again against all major European currencies Thursday as doubts persisted that the U.S. economy would post a strong second-half performance. Gold was up.
The British pound also gained, breaking through the $1.40 mark to $1.4015 from $1.3893 late Wednesday in New York trading.
At 4 p.m EDT at Republic National Bank in New York, gold stood at $332.50 an ounce, up $6.30 over Wednesday’s price.
Traders said an address by South African President P. W. Botha put upward pressure on gold in late trading.
On the dollar’s slide Thursday, Leslie Puth, a currency analyst at Irving Trust, said the market has been affected by a series of negative news about the U.S. economy.
“Auto sales dropped more than expected, inventories were up, and June sales were down 2.1%,” she said.
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