Dollar Decline Continues in Active Trading; Gold Prices Retreat Also

THE JOURNAL RECORD, August 20, 1987 | Go to article overview

Dollar Decline Continues in Active Trading; Gold Prices Retreat Also


NEW YORK (AP) - The dollar continued to plunge in nervous, active trading Wednesday, declining to a two-month low against the Japanese yen and resisting any efforts for a possible rebound.

Gold prices also retreated. Republic National Bank of New York at 4 p.m. EDT quoted gold bullion at $458.00 a troy ounce, down $1 from late Tuesday.

Traders said the market has been bearish on the dollar ever since Friday's U.S. trade deficit report, which showed a widening shortfall of $15.7 billion in June, and there was nothing Wednesday to change that sentiment.

A sharp decline in the dollar on Tuesday helped pull down the stock and bond markets.

``There's nothing going on. But the market just seems to be saying, `Gee, the dollar is going to go lower,''' said Robert Ryan, senior trader at Irving Trust Co.

Efforts to push the dollar higher fizzled Wednesday, dealers said.

James Vick, a vice president and senior trader at Manufacturers Hanover Trust Co., said the dollar had been artificially boosted by the tensions in the Persian Gulf in recent weeks and the trade deficit report was just an excuse to bring it down. The dollar is considered a safe haven during international unrest.

``The trade figures just brought the economic figures for the dollar back into focus. The fundamentals were still negative,'' he said.

Traders said the Bank of Japan intervened in the Tokyo market to support the dollar for the first time since late April, as the U.S. currency fell to its lowest level in almost two months there.

The dollar closed at 145.35 Japanese yen in Tokyo, its lowest level since June 22, and down sharply from 148.55 yen late Tuesday. It also was quoted at 145.35 yen in London. Later, in New York, the dollar stood at 144. …

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