Dollar trade mixed across Europe

LONDON (UPI): The U.S. dollar saw mixed trade across Europe yesterday morning, and was confined to narrow trading ranges, as foreign exchange markets awaited the afternoon's release of U.S. consumer prices and retail sales data for July.

In London, the U.S. currency was quoted at 1.4772 German marks, little changed from the previous finish of 1.4777. Against the Japanese yen, the dollar traded at 107.58 yen from the previous finish of 107.70.

Dealers said the U.S. economic data on sales and prices would give a further clue as to the state of the economy and the likelihood of inflation. The figures were expected to give some indication about the probability of interest rate rises or cuts, they said.

The British pound was also stuck in tight trading ranges, tracking the dollar in the absence of other economic impetus. Sterling was quoted at 2.2903 German marks from its previous finish of 2.2921 marks. The pound opened at US$1.5505, down from the previous close of $1.5511.

In Frankfurt, the dollar opened at 1.4772 German marks, down from the previous close of 1.4798.

In Zurich, however, the dollar opened at 1.2025 Swiss francs, up from the previous close of 1.2005.

In Paris, the dollar opened at 5.0585 French francs, up from the previous close of 5.0505.

In Brussels, the dollar opened at 30.44 Belgian francs, up from 30.42.

In Milan, the dollar opened at 1,515 Italian lira, down from the previous close of 1,517.19.

In Tokyo, the dollar closed at 107.59 Japanese yen, down from the previous close of 107.71.

In Singapore, the dollar closed at S$1.4128, down from the previous close at 1.4145.

In Hong Kong, the dollar closed at HK$7.7335, down from the previous close of HK$7.7365.

Gold opened at US$387.95 an ounce in Zurich, down from the previous close at $388.20, while in London it started trading at $387.50, unchanged from the previous close. In Hong Kong gold closed at US$387.95, up from $387.45.

Silver opened at $5.10 in Zurich, up from $5.09, while in London it opened unchanged at $5.05.