Dollar higher in European trading

LONDON (UPI): The dollar was firmer against the major European currencies and the Japanese yen yesterday amid talk that the Bank of Japan had again intervened in the foreign exchange markets to limit the yen's rise.

The dollar was quoted at 1.6920 German marks near mid-morning and 103.78 yen compared to 1.6882 and 103.55 yen at the previous close in London.

Dealers said the dollar was consolidating after recent falls against the mark and the yen, but that trading was very quiet, with market talk focusing on the Bank of Japan's efforts to stem the rise of the yen.

The market waited with some anticipation for possible pronouncements on the yen at Sunday's meeting of finance ministers of the Group of Seven industrialized nations.

The pound was weakened by rumors of a large Canadian "sell" order, trading at 2.5182 marks compared to Thursday's close of 2.5265. Sterling was trading at $1.4873 against, down from 1.4945 at the finish Thursday.

Against the Canadian dollar, the pound was quoted at 2.050 compared to the previous close of 2.070.

The French franc held on to most of Thursday's gains made in the wake of reductions in key domestic interest rats.

The franc was trading at 3.4265 against the mark, slightly up from 3.4270 at Thursday's close.

In Frankfurt, the dollar opened at 1.6905, up from 1.6878 at the previous close.

In Zurich, the dollar opened at 1.4360 Swiss francs, up from the previous close at 1.4320.

In Brussels, the dollar opened at 34.81 Belgian francs, up from the previous close at 34.74.

In Paris, the dollar opened at 5.7977 French francs, up from the previous close at 5.7927.

In Milan, in unofficial dealing, the dollar opened at 1,620.00 lira, up from the previous close of 1,618.16.

In Tokyo, the dollar closed at 103.77 yen, up from 102.90 at the previous close.

In Singapore it closed at S$1.559, up from the previous close at S$1.557.

In Hong Kong, it closed at HK$7.72, unchanged from the previous close.

In Zurich, gold opened at $373.00, down from $373.80 at the previous close, while in London it also opened at $373.00, down from the previous close at $373.50. Gold closed at $372.95 in Hong Kong, down from the previous close at $374.15.

Silver opened in Zurich at $5.21, down from the previous close at $5.27, and in London it opened at $5.22, down from $5.28 at the previous close.