Intervention Fails to Halt Dollar’s Rise
The dollar rose against most leading currencies Wednesday as foreign exchange markets appeared to shrug off the latest reports of central bank intervention.
The price of gold rose in London and Zurich but fell later in New York. Republic National Bank of New York quoted gold bullion at $326 an ounce as of 4 p.m. EDT, down $1.25 from Tuesday’s late bid.
There were unconfirmed reports in Europe that the Japanese central bank sold as much as $300 million in Tokyo to keep the dollar from rising against the yen, but traders appeared skeptical and there was little impact on trading. The dollar ended the New York trading day with gains against all major currencies except the West German mark.
“I don’t know if it was intervention or talk of intervention” that kept the dollar in check, said Jeffrey Brumette, a foreign exchange trader for Irving Trust Co.
Strong demand for dollars by multinational corporations was reported in European currency markets.
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