Foreign Exchange for Thursday, Aug. 29, 1985 : Dollar Higher in Worldwide Trading
The dollar rose against other major currencies in worldwide foreign exchange Thursday amid speculation that the Soviet Union was an active buyer of dollars.
Gold prices fell, surrendering much of the gains recorded over the two previous sessions. Republic National Bank in New York quoted gold as of 4 p.m. EDT at $334.75 an ounce, down $5.75 from Wednesday’s late bid.
Currency dealers said that, despite the dollar’s advance, foreign exchange markets continued to lack a strong sense of direction. The dealers also said activity was limited pending several reports on the U.S. economy due today.
“Trading is very light. Everyone is sitting back and waiting for the U.S. numbers tomorrow,” a dealer in Frankfurt said.
Several dealers spoke of Soviet dollar purchases during European trading but disagreed as to the size of the purchases.
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