Dollar Stages Powerful Advance
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NEW YORK — The dollar staged a powerful advance in light trading Friday, extending a rally in which it now has regained more than half the ground lost in a steep sell-off earlier this year.
Even such usually bearish developments as a lackluster economic report and a decline in interest rates in the United States failed to halt the dollar’s surge.
“The steamroller for the dollar is on its way and no one is going to stand in its way because it is shrugging off all negative news,” said Albert Soria, a vice president at the New York branch of Swiss Bank.
Bullion retreated as the dollar rose. Republic National Bank of New York said gold bullion was bid at $311.50 an ounce as of 4 p.m. EDT, down $2.25 from Thursday and off $11.25 from the end of the previous week.
The Federal Reserve Board said its index measuring the dollar against 10 other currencies rose 1.5% on Friday, bringing its gains since April 18 to 7.2%.
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