Foreign Exchange for Monday, Oct. 7, 1985 : Dollar Stages a Broad Rebound
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NEW YORK — The dollar staged a broad advance Monday as foreign exchange traders speculated that central bankers have stopped pushing the U.S. currency lower.
But the rebound was limited as it became clear that central banks also did not want the dollar to return to the historic heights it had reached earlier this year.
The price of gold was little changed in quiet trading on world bullion markets. At Republic National Bank in New York, bullion was bid at $327 an ounce, down $1.50 from the late bid Friday.
Currency dealers attributed the rally to traders’ reaction to a weekend meeting in Seoul, South Korea of the finance ministers of the United States, Japan, Britain, France and West Germany.
It was those five nations that agreed on Sept. 22 to work together to push the dollar lower in an effort to defuse a drive in Congress to erect new barriers to imports.
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