Dollar Off on Signs of Weak Economy
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NEW YORK — The dollar dropped Thursday as currency dealers mulled the meaning of new reports on U.S. economic activity.
Some currency dealers said the sell-off was in response to central bank intervention, while others said it came about because the economic figures released in Washington were weaker than expected.
Gold rose. Republic National Bank in New York quoted gold bullion at $325.50 an ounce as of 4 p.m. EDT, up $2.00 from the late bid Wednesday.
The currency markets had an array of economic information to digest. The Commerce Department reported that the gross national product grew at a 3.3% annual rate in the third quarter.
That was better than the 2.8% reading that the department tentatively estimated for the period but still under many expectations.
David Wilson, a foreign exchange trader with the Bank of Montreal in New York, said the dollar declined immediately after the GNP report was released.
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