Foreign Exchange for Thursday, Sept. 5, 1985 : Auto, Retail Sales Reports Fuel Dollar
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NEW YORK — The U.S. dollar was mixed, then turned upward Thursday, following reports of strong department store and auto sales in August. Gold fell.
At the New York Commodity Exchange, gold sold for $320.20 an ounce, down $4.70. Later, at Republic Bank in New York, gold sold for $320.50, down $4.25.
Gary Dorsch, senior analyst for G.H. Miller & Co., said the dollar reacted sharply when “just about all the department stores showed nice gains.”
He said the report “led to expectations that next week’s retail sales report (by the Commerce Department) may be rebounding for the month of August.”
That report is due Sept. 13.
Dorsch said the dollar gained more by midday, when the Big Three auto makers reported sharp increases in their late-August sales compared to a year ago.
Ford reported a 79.6% hike, Chrysler was up 76.1% and General Motors was up 73.6%.
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