Dollar trade lower across Europe

LONDON (UPI): The U.S. dollar opened lower across Europe yesterday as the markets awaited the release of U.S. payrolls data later.

In London mid-morning trade, the dollar was trading at 1.4675 German marks and at 97.50 Japanese yen from respective overnight closes at 1.4695 and 97.95.

Analysts said foreign exchanges had seen little activity yesterday as investors awaited the release of important U.S. employment figures later in the day.

They were sharply divided about the likely currency impact of the data, although by-and-large analysts expected a strong non- farm payrolls number, forecasts for which have been revised up by many during the past few days.

The market was looking for signs of whether the U.S. Federal Reserve might lower interest rates at its next Open Market Committee meeting to encourage the U.S. economy through the second half of the year.

The British pound barely registered the release of a spate of second-tier British data.

Sterling was unchanged at 2.2764 German marks.

In Frankfurt, the dollar opened at 1.4688 German marks, unchanged from the previous close.

In Zurich, the dollar opened at 1.2025 Swiss francs, down from the previous close of 1.2035.

In London, the pound opened at $1.5521, up from the previous close of $1.5490.

In Paris, the dollar opened at 5.0488 French francs, up from the previous close of 5.0380.

In Brussels, the dollar opened at 30.15 Belgian francs, down from the previous close 30.17.

In Rome, the dollar opened at 1,625 Italian lira, up from the previous close of 1,620.11.

In Tokyo, the dollar closed at 97.68 Japanese yen, up from the previous close of 97.45.

In Singapore, the dollar closed at S$1.4215, up from the previous close of 1.4188.

In Hong Kong, the dollar closed at HK$7.7410, down from the previous close of 7.7425.

Gold opened at $381.80 an ounce in Zurich, down from the previous close of $382.75, while gold opened at $382.00 in London, down from the previous close of $382.75. Gold closed at $381.85 in Hong Kong, down from the previous close at $382.05.

Silver began at $5.30 in Zurich, down from the previous close of $5.36, while in London it began at $5.32, down from the previous close of $5.33.