Dollar Up Against Most Currencies
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NEW YORK — The dollar fluctuated in very subdued trading Thursday, but ended the day higher against major foreign currencies except the Canadian dollar.
Gold prices rose slightly. Bullion was quoted at $338.50 by Republic National Bank in New York, up 40 cents from Wednesday’s bid.
“Today was boring,” said Peter Wild, vice president of foreign exchange at Bank Julius Baer & Co. in New York. “It (the dollar) was trading in a very narrow range. People are trying to figure out the next move.”
The dollar rose on some light buying prompted by a Commerce Department report that Americans’ personal incomes, held back by weak growth in wages and salaries, fell 0.1% in May.
While that decline was the first in a year, the number was better than had been expected, Wild said.
The drop in income was accompanied by a strong 0.9% increase in consumer spending. That was the best advance in five months.
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