Tue, 09 Aug 1994

Dollar mixed in Asia and Europe; gold prices decline

TOKYO (AFP): The dollar closed fractionally lower in the absence of incentives on the Tokyo foreign exchange market yesterday.

It closed at 100.44 yen, down 0.01 yen from the previous trading day's finish of 100.45 yen here but higher than 100.20 yen late Friday in New York.

After opening at 100.24 yen, the greenback moved narrowly between 100.23 yen and 100.55 yen here yesterday.

There was almost no market-moving news, dealers said.

Spot turnover increased slightly from the previous trading day's US$3.53 billion to $3.54 billion.

The mark closed at 1.5771 to the dollar here, against 1.5901 the previous trading day.

In Singapore, rates provided by Banque Nationale de Paris showed the dollar easing to 1.5795 marks at 09:00 GMT compared to Friday's close of 1.5885 marks. The dollar opened at 1.5775 marks.

The dollar weakened to 5.4055 French francs and S$1.5065, strengthened to 100.65 yen and was unchanged at HK$7.7255.

The British pound strengthened to $1.5455.

In London, the dollar was range-trading on yesterday morning in extremely calm conditions on the European foreign exchange markets, after a sharper-than-expected drop in U.S. July unemployment on Friday, dealers said.

The dollar was trading at 1.5805 marks, slightly up from the Tokyo close at 1.5771 marks but down from the Friday close in London at 1.5820 marks. Against the yen, the greenback rose to 100.53 yen from 100.44 in Tokyo and 100.37 in London.

The mark was higher at 3.4223 French francs from 3.42 at the Friday close, but dropped to 996.50 lira from 997.50.

By midmorning, the dollar was trading at 1.5805 marks from 1.5820 at the Friday close, at 100.53 yen from 100.37, at 1.3330 Swiss francs from 1.3350 and at 5.4037 French francs from 5.4163.

Sterling was trading at $1.5455 from $1.5420, at 2.4427 marks from 2.4394, at 155.36 yen from 154.78, at 2.0602 Swiss francs from 2.0586 and at 8.3515 French francs 8.3519.

Gold, in Hong Kong closed lower yesterday at $377.75-$378.15 an ounce, against Friday's closing rate of $378.60-$379.00.

The market opened at $378.20-$378.60.

In London gold dropped to $378.15 per ounce from $378.50.