NEW YORK -- The dollar was mostly higher in choppy trading in New York compared to London early-afternoon rates, and mixed compared to New York rates late yesterday.
In a market thinned as year-end approaches, midday trends for the dollar were particularly difficult to pinpoint, said Valerie Walker, vice president and corporate foreign exchange manager at Harris Trust and Savings Bank in New York.
The dollar was quoted at 1.4736 Deutsche marks, up from 1.4725 marks both in London around 8:35 a.m. and late yesterday in New York. The dollar also was quoted at 131.62 yen, up against 131.50 yen earlier in London and down from 132.15 yen late yesterday in New York.
As the end of 1990 nears, there is "no big incentive" to commit large amounts of money to foreign exchange positions, Walker said. Most banks that have made profits in the year want to keep their positions as square as possible to protect those profits, while others may wish to prevent further losses.