Dollar lower in European trading

LONDON (UPI): The dollar drifted lower against the major European currencies yesterday, continuing its week trend after slipping back against the Japanese yen and the German mark in overnight trading in Tokyo.

The greenback's weakness was mainly triggered by reports that finance ministers from the Group of Seven industrialized nations had hinted at favoring a higher yen during their meeting last weekend.

Against the yen the U.S. currency lost half a yen from Friday's London close to 103.12, amid further talk of Bank of Japan intervention.

The mark rose 1.3 pfennigs from Friday's London close against the dollar to trade at 1.6802, while against the pound the German currency rose 0.9 pfennigs to 2.5077.

Against the French franc the mark picked up three-quarters of a centime to 3.4345.

Nervousness ahead of Thursday's U.S. first-quarter gross domestic product figures also weighed on the dollar. The data will be closely watched for further hints about the pace of economic recovery in the United States.

A robust growth figure could accelerate the prospect of a further tightening of monetary policy by the Federal Reserve, analysts said. The markets were looking for a GDP figure of about 3.5 to 3.7 percent.

The pound was hit by first-quarter GDP and March non-European Union trade data, with the markets concentrating on a worrying fall in exports.

In Frankfurt, the dollar opened at 1.6855, down from 1.6935 at the previous close.

In Zurich, the dollar opened at 1.4315 Swiss francs, down from the previous close at 1.4390.

In London, the pound opened at US$1.4922, up from the previous close of $1.4855.

In Brussels, the dollar opened at 34.62 Belgian francs, down from the previous close at 34.85.

In Paris, the dollar opened at 5.7975 French francs, down from the previous close at 5.8007.

The Milan foreign exchange market was closed for the Liberation Day holiday yesterday.

In Hong Kong, the dollar closed at HK$7.7268, down from HK$7.7270 at the previous close.

In Tokyo, the dollar closed at 103.05 yen, down from 103.77 at the previous close.

The dollar closed in Singapore at S$1.5595, unchanged from the previous close.

In Zurich, gold opened at $371.50, up from $370.00 at the previous close, while in London it opened at $371.25, up from the previous close at $370.25. Gold closed at $370.45 in Hong Kong, down from the previous close at $372.95.

Silver opened in Zurich at $5.13, up from the previous close at $5.09, and in London it opened at $5.09, unchanged from the previous close.