Foreign Exchange for Tuesday, March 3, 1987 : Dollar Ends Day Lower; Gold Mixed
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NEW YORK — The dollar edged lower against major currencies in quiet trading Tuesday, retracing early gains following further signs that the U.S. economy got off to a slow start in 1987.
Gold prices rose in the United States after a mixed performance in Europe and Hong Kong. Republic National Bank in New York at 4 p.m. EST quoted gold bullion at a bid of $406.75 a ounce, up from $403.50 late Monday.
Since the United States and five major industrial nations agreed last month to stabilize currency rates, the dollar has held a narrow trading range in foreign exchange.
Dealers said prospects that the six nations would intervene to prevent the dollar from moving sharply lower had supported the currency in recent days, even in the face of negative U.S. economic news.
The Commerce Department said Tuesday that the Index of Leading Indicators, its main economic barometer, fell by 1% in January, the biggest drop in 30 months.
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