Foreign Exchange for Thursday March 27,1986 : Dollar Edges Lower in Quiet Trading
- Share via
NEW YORK — The dollar edged lower in quiet trading against major foreign currencies Thursday on technical selling and another sharp drop in U.S. interest rates.
Gold prices also fell. Republic National Bank of New York said that as of 4 p.m. EST, gold bullion was quoted at $343 an ounce, down $2 from Wednesday.
Financial markets in Europe were to be closed Friday and Monday for the Easter holiday. Traders said the dollar moved lower in Europe and the United States largely on technical selling by market participants looking to square their dollar positions for the long weekend.
Also, pushing the dollar lower was the continuation of the torrid rally in the U.S. bond markets. Prices of some long-term government bonds, which move in the opposite direction of interest rates, rose more than $20 for each $1,000 of face value.
Lower interest rates make returns less attractive on dollar-denominated investments.
More to Read
Inside the business of entertainment
The Wide Shot brings you news, analysis and insights on everything from streaming wars to production — and what it all means for the future.
You may occasionally receive promotional content from the Los Angeles Times.
