Foreign Exchange for Monday, Aug. 19, 1985 : Dollar Drifts in Trendless Session
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NEW YORK — The dollar turned in a mixed performance in quiet, trendless activity Monday, drifting in a narrow range as traders awaited further evidence on the course of interest rates and the economy in the United States.
The price of gold was mostly higher on world markets. Republic National Bank of New York said gold bullion was bid at $339 an ounce as of 4 p.m. EDT, up $1.50.
A government report Monday that U.S. personal income and personal consumption both rose by 0.4% in July was in line with expectations and had no significant impact on currency trading, dealers said.
The dealers said most investors were waiting for a government report today revising earlier estimates of overall U.S. economic growth in the second quarter.
Only a sharp revision, either up or down, from last month’s estimate of 1.7% growth would be viewed as important, said Daniel Holland, an assistant vice president at Discount Corp. of New York.
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