Foreign Exchange for Monday, July 22, 1985 : Dollar, Gold Performances Mixed
NEW YORK — The dollar advanced broadly in early trading Monday as traders reacted to a weekend realignment of the European Monetary System, but it later gave ground as doubts persisted about the strength of the U.S. economy.
Currency dealers said markets appeared calm following Saturday’s devaluation of the Italian lire by 6% within the EMS and the upward revaluation of other currencies in the system by 2%.
Gold also turned in a mixed performance, rising at day’s end as the dollar fell. Republic National Bank of New York said gold bullion was bid at $321.50 an ounce, up $3.50 from the late bid Friday.
The dollar was quoted at 1,945.50 lire in European foreign exchange markets on Monday. Later in New York, a currency dealer was quoting the dollar at 1,921 lire.
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