$US ends lower
NZPA-Reuter New York The U.S. dollar ended lower after a slow session on Friday (early Saturday N.Z. time) weighed on by profittaking and' the squaring of long positions ahead of the week-end. Still, dealers said the market remains bullish, following Thursday’s news of a nar-rower-than-expected June U.S. trade deficit. The dollar closed at 1.9565/70 Deutsche marks and 142.55/65 yen, down from 1.9635/45 Deutsche marks and 143.47/57 yen. The dollar ended near its daily lows of 1.9540 Deutsche (marks and 142.47 yen. It moved in a thin band of just under a pfennig and well under a yen. Aside from technical resistance, worries about central bank intervention also limited the. dollar’s upward momentum. In Tokyo, dealers reported the Bank of Japan sold about JUSIOO million for yen just , before the market’s close. The Federal Reserve was not sighted in the U.S. market on Friday. Still, dealers look for the dollar to move higher. "The evidence suggests the dollar should be substantially higher,” said Charles Wheeler of Union Bank. Sterling gained on the back of the dollar’s decline. The pound closed at $U51.5655/ 65, up from JU51.5605/15. The dollar closed at 1.6870/ 85 Swiss francs and at SCanl.l77o/75, down from 1.6930/40 francs and JCanl.lBl2/17.
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Press, 21 August 1989, Page 16
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205$US ends lower Press, 21 August 1989, Page 16
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