Foreign Exchange for Wednesday, Sept. 10, 1986 : Dollar Little Changed; Gold Mixed
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NEW YORK — The dollar tested the higher and lower levels of its recent narrow trading range on Wednesday but ended the day little changed from the previous session.
Trading was very active.
Gold turned mixed, finishing lower. Bullion was quoted at $406 an ounce at Republic National Bank in New York, down $2.50 from Tuesday’s bid.
“The market tested the downside a bit. It tested the upside a bit. And we’re closing pretty much at where we opened today,” said Ted Wolicki, a foreign exchange dealer at Continental Illinois National Bank & Trust Co. in Chicago.
John Baker, chief dealer at Bank Julius Baer & Co. in New York, said: “It mainly tested the trading range that has been established this week. The dollar continues to consolidate at these levels.”
There was little reaction to a Commerce Department report that the United States suffered a $36.02 billion foreign trade deficit from April through June, despite a plunge in the price of imported oil.
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