Foreign Exchange : Dollar Off Against Major Currencies
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NEW YORK — The dollar declined against all major currencies Monday, influenced by a combination of factors.
Gold prices rose. Republic National Bank in New York quoted a bid of $405.50 for an ounce of gold, compared to $403.75 late Friday.
Analysts in New York said the dollar was indirectly affected by transactions between the British pound and the West German mark.
Traders have been buying the British currency in anticipation of Tuesday’s announcement of that country’s budget, said James T. McGroarty, a vice president at Discount Corp.
Nigel Lawson, chancellor of the exchequer, is expected to announce lower taxes, and traders also were looking for interest rates to fall in Britain.
In London, one British pound cost $1.5778 late Monday, more expensive for buyers than $1.57575 late Friday.
In later New York trading, the pound was worth $1.5865, up from Friday’s $1.5755.
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