Foreign Exchange for Thursday, Feb. 14, 1985 : Dollar Sets Records, Then Retreats
NEW YORK — The dollar reached record peaks Thursday against the French franc, Italian lira and Swedish krona but fell against other currencies in foreign exchange trading in Europe and retreated further later in the United States.
Gold prices rose. Bullion was bid at $303.25 an ounce in late trading at Republic National Bank in New York, up 50 cents from Thursday.
The dollar bounced up as prospects faded that European central banks would intervene in the foreign exchange markets. In Paris and Milan, the dollar reached new highs for the ninth consecutive session. But profit taking ultimately undermined the dollar.
“The dollar is a bit weaker today, more of a profit-taking and respite day. With the dollar having gone up for the past eight straight days, people came in and took a little bit of profit,” said David Arbesman, a first vice president at Prudential-Bache Securities Inc.
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