Foreign Exchange : Dollar Is Mixed; Gold Advances
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NEW YORK — The dollar put in a mixed performance against major foreign currencies on Thursday, little affected by a big jump in the United States’ main economic forecasting gauge or by the West German Bundesbank’s decision not to lower its key interest rate.
Trading was active and technical, foreign exchange dealers said.
Gold prices jumped by more than $5 an ounce in nervous trading dominated by professionals. Bullion was quoted at $386.25 an ounce at Republic National Bank in New York, up $5.25 from Wednesday’s bid.
Dealers here said the dollar was not bolstered by a large 1.1% rise in the U.S. index of leading economic indicators for July because the gain had been expected.
The dollar was undermined by the government’s sharp revision downward in the June index, from a 0.3% increase to a 0.4% drop, they said.
The Bundesbank’s announcement that it was not changing its 3.5% discount rate didn’t have much effect.
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