Foreing Exchange : Dollar Falls Against Key Currencies
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NEW YORK — The dollar fell on Thursday against all key currencies and slumped to a record post-World War II low in Tokyo after Secretary of State George Shultz said the dollar was still overvalued.
Gold prices, also sparked by Shultz’s comments on Wedneday, jumped more than $10 an ounce to their highest level in more than two years. Bullion was quoted at $362 an ounce at Republic National Bank in New York, up $10.50 from Wednesday’s bid.
Dealers said the dollar also was depressed by a Wednesday report that the U.S. trade deficit expanded to $14.17 billion in June from $13.12 billion in May.
A Thursday report of a 0.3% fall in U.S. factory orders for June and a downward revision in May’s figures from a 0.1% to a 0.5% also contributed to the dollar’s downturn, dealers said.
Shultz said in a speech to the President’s Export Council that the Reagan Administration expected further declines in the dollar.
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