Dollar Hits Postwar Low Against Yen
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NEW YORK — The dollar hit another postwar low against the Japanese yen Friday and was mixed against other key currencies. Trading was subdued and uneventful.
Gold prices also were mixed. Bullion was quoted at $344.50 an ounce at 4 p.m. EDT at Republic National Bank in New York, up 50 cents from Thursday’s late bid.
Trading continued sluggish after Thursday’s Ascension Day holiday, which closed all major foreign exchange markets in Europe except London.
The dollar did steady a bit, but the little dollar buying that there was came from dealers who were fulfilling agreements to sell dollars--or short covering--said Gary Dorsh, a currency analyst with G. H. Miller & Co. in Chicago. And market sentiment remained essentially bearish toward the U.S. currency, dealers said.
“I think the dollar is still headed downward systematically, which traders still see as necessary to correct the trading imbalance between the United States and its trading partners, “ Dorsh said.
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