Dollar takes a fall
NZPA-Reuter London The dollar fell further on world currency markets on Tuesday as dealers reported mounting evidence of a shift in market sentiment, despite the likelihood that United States interest rates will hold firm.
On Monday and Tuesday the dollar shed more than four pfennigs on European markets to 2.4318 marks. Dealers said a large commercial order for marks helped push the dollar down. Heavy selling in Chicago and New' ' York ■ overnight, prompted by historical analysis of currency values, panicked corporations and individuals into moving funds out of the dollar, they said. “We’re totally baffled by the dollar's sudden fall,” said the chief dealer of a major British commercial bank said.
"The dollar's performance bears no relation to market expectations about the nearterm trend of United States interest rates, which are likely to hold firm.” The dollar's retreat pushed sterling through $1.54 to $1.5407 at noon compared with $1.5347 at Monday's London close-
in London, the price of gold rose to SUS49B an ounce on Monday, up $4.25 from Monday’s close of $493.75.
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Press, 10 February 1983, Page 19
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177Dollar takes a fall Press, 10 February 1983, Page 19
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