Dollar inches down across Europe

LONDON (UPI): The U.S. dollar was trading lower across Europe yesterday morning, in the absence of any major market-moving news.

In London, the U.S. currency was quoted at 1.4789 German marks, down on the previous finish of 1.4819. The dollar traded at 108.02 Japanese yen from the previous finish of 108.25.

Traders said they were looking to U.S. treasuries' reaction to the U.S. July producer price numbers due to be released later in the day but otherwise there was not a lot to focus on.

The French franc remained lower against the German mark, undermined by a stagnant economy and worries about France's ability to meet the tough Maastricht budget deficit criteria for economic and monetary union.

Sterling continued to reflect movements in the dollar/mark cross, failing to garner significant support from an upbeat distributive trades survey by the Confederation of British Industry for July, dealers said.

Sterling was being quoted at 2.2958 German marks from its previous finish of 2.2995 marks. The pound opened at US$1.5516, up from the previous close of $1.5495.

In Frankfurt, the dollar opened at 1.4812 German marks, down from the previous close of 1.4870.

In Zurich, the dollar opened at 1.2041 Swiss francs, down from the previous close of 1.2120.

In Paris, the dollar opened at 5.0612 French francs, down from the previous close of 5.0665.

In Brussels, the dollar opened at 30.48 Belgian francs, down from the previous close of 30.60.

In Milan, the dollar opened at 1,518 Italian lira, down from the previous close of 1,519.25.

In Tokyo, the dollar closed at 108.18 Japanese yen, up from the previous close of 107.91.

In Singapore, the markets were closed for a public holiday.

In Hong Kong, the dollar closed at HK$7.7380, up from the previous close of 7.7358.

Gold opened at US$388.50 an ounce in Zurich, up from the previous close at $388.10, while in London it started trading at $387.75, unchanged from the previous close.

In Hong Kong, gold closed at US$388.55, up from the previous close at $387.95.

Silver opened at US$5.11 in Zurich, up from the previous close at $5.05, while in London it opened at $5.05, unchanged from the previous close.