$US still climbing
NZPA-AP New York The United States dollar mostly rose in American trading on Friday (U.S. time) after a mixed showing in Europe, as the stability of the American financial system came under renewed scrutiny. Gold prices followed a similar course, closing higher in the United States. The Republic National Bank in New York quoted gold as of 4 p.m. (eastern time) at $U5294.50 an ounce, up $3.50 from Thursday’s late bid. Currency traders said it was unclear how much the U.S. dollar’s level was affected by the closing of 70 savings and loan associations in Ohio because of reported heavy deposit withdrawals (see Wall Street report on this page). A sharp drop in interest rates may have put downward pressure on the dollar, because the declines reduce the yields available on dollar-denomi-nated investments. In American trading the U.S. dollar rose to 261.05 Japanese yen from 260.40 on Thursday. The pound was unchanged with dealings at $U51.0825. Other dollar rates in American trading at 4 p.m. (eastern time) on Friday and compared with Thursday were: 3.38275 West German marks, up from 3.3785; 2.8890 Swiss francs, up from
2.8815; 10.3600 French francs, up from 10.3325 and sCanl.3B7O, down from 1.3880.
In Wellington on Friday, the New Zealand dollar dropped* slightly during late-afternoon trading to $U50.4425/45 on the foreign-exchange market, down from the opening of $U50.4440/70. The New Zealand dollar traded between $U50.4400 and 0.4440/70. Against the Australian dollar the New Zealand dollar was worth 64.59 Australian cents compared with about 60c at the start of the float. Against sterling it was worth 40.99 p. In Sydney on Friday, the Australian dollar closed easier at 68.45/55 U.S. cents. The close compared with Thursday’s 69.15/22 U.S. cents finish, and Friday’s opening of 68.69/ 77, and the day’s low of about 68.40 U.S. cents. (The currency was quoted at 68.25 U.S. cents but dealers said no business was done at those levels.) Dealers said 68.50 U.S. cents was still a technical area of resistance.
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Press, 18 March 1985, Page 32
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332$US still climbing Press, 18 March 1985, Page 32
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