Dollar drifts down in sluggish markets

London (UPI): The U.S. dollar was mostly lower yesterday in sluggish range-bound pre-holiday trading against major foreign currencies amid a lack of fresh market moving news.

Analysts said the dollar eased against the German mark but pushed slightly higher against the Swiss franc confined to unusually narrow ranges as activity in Tokyo closed for the Emperor's birthday.

Experts said most professional investors opted for the sidelines ahead of the Christmas holiday while others were looking to square their positions for the end of the year.

Later in the session, minutes of the Oct. 30 meeting between British Chancellor of the Exchequer Kenneth Clarke and Bank of England Governor Eddie George will be released.

Analysts added the U.S. November personal income and consumption report due out later in the session is expected to give a more upbeat picture on the U.S. economy.

In October, personal income rose 0.6 percent while outlays rose 0.3 percent.

Most economists are expecting personal income to jump 0.6 percent lifted by recent rises in U.S. payrolls, hourly earnings and the average workweek.

However, personal consumption expenditures are expected to rise only 0.3 percent.

In European trading, the dollar began the holiday shortened trading week weaker in Frankfurt at 1.5510 marks, down slightly from 1.5565 Friday.

In Zurich the dollar began the day higher at 1.3395 Swiss francs, up from 1.3350.

In Paris it opened lower at 5.2401 French francs, down from 5.2547.

In Brussels it opened slightly lower at 31.99 Belgian francs, down from 32.05.

In Rome it began the day fractionally lower Rome at 1,528.00 Italian lire, down slightly from 1,529.60 lire.

In London, the pound began the day higher at US$1.6696 compared with $1.6667 late Friday.

In Tokyo banks, markets and most major businesses were closed in Japan for the national holiday marking Emperor Akihito's birthday. Trading will resume today with the dollar hovering around the 114.21 yen level from Friday.

In Singapore the dollar rose slightly to S$1.3996 from $1.3991.

In Hong Kong it eased to HK$7.7370 from $7.7375.

Gold opened 30 U.S. cents an ounce lower in Zurich at $368.70 and opened 25 cents lower in London at $368.75.

The London morning gold fixing was $368.70, off 30 cents from Friday's close.

In earlier trading in Asia, it closed at $368.65 on the Hong Kong Bullion Exchange, off 60 cents from Friday's close.

Silver opened 2 cents lower in Zurich at $4.84 an ounce and opened 4 cents lower in London at $4.84 an ounce.