Dollar loses ground on European markets

LONDON (UPI): The U.S. dollar was trading lower across Europe yesterday morning, despite comments from Germany's Bundesbank that there was still scope for further German interest rate cuts.

In London, the U.S. currency was quoted at 1.4947 German marks, up on the previous finish of 1.4975. Against the Japanese yen, the greenback changed hands at 111.35 yen from the previous finish of 111.05 yen.

Foreign exchange analysts said the comments from a prominent member of the Bundesbank council had brought the dollar and other European currencies only a little respite, having been under pressure against the mark earlier.

Sterling, little moved in the absence of economic news, was being quoted at 2.4691 German marks from its previous finish of 2.4653 marks.

In Frankfurt, the dollar opened at 1.4935 German marks, down from the previous close of 1.5035.

In Zurich, the dollar opened at 1.2560 Swiss francs, down from the previous close of 1.2580.

In London, the pound opened at US$1.6537, up from the previous $1.6483.

In Paris, the dollar opened at 5.0550 French francs, down from the previous close of 5.1030.

In Brussels, the dollar opened at 30.80 Belgian francs, down from 31.06.

In Milan, the dollar opened at 1,508.75 Italian lira, down from the previous close of 1,519.44.

In Tokyo, the dollar closed at 111.45 Japanese yen, down from 111.64.

In Singapore, the dollar closed at S$1.4001, up from the previous close at $1.3979.

In Hong Kong, the dollar closed unchanged at HK$7.7325, while Hong Kong gold closed at $381.85, up from $379.95.

Gold opened at $381.85 an ounce in Zurich, up from the previous close at $380.75, while in London it started unchanged at $380.75.

Silver opened at $4.88 in Zurich, up from $4.87, while in London it opened unchanged at $4.85.