Dollar trades higher across Europe

London (UPI): The U.S. dollar was trading sharply higher across Europe yesterday, as bullish Japanese investors returned from the New Year's break to push the greenback to an 18-month high against the yen.

In London, the U.S. currency began at 1.4455 German marks from 1.4423 marks at the previous close. Against the Japanese yen it was at 105.25, up from 104.55 yen at Wednesday's close.

Analysts said the dollar remained well-bid against other currencies in early London trading, consolidating overnight gains in the Far East -- where the U.S. dollar vaulted the 105 Japanese yen level for the first time since June 1994.

They said the market focus was firmly on the ongoing budget negotiations in the United States, adding that there was little sign of an early breakthrough.

The German mark was steady against other European currencies ahead of a meeting of the Bundesbank council later in the day.

Sterling began at 2.2339 German marks from 2.2343 at Wednesday's close.

In Frankfurt, the dollar opened at 1.4453 German marks, up from the previous close of 1.4410.

In Zurich, the dollar opened at 1.1653 Swiss francs, up from the previous close at 1.1615.

In London, the British pound opened at US$1.5511, up from the previous close at $1.5495.

In Paris, the dollar opened at 4.9410 French francs, up from the previous close at 4.9150.

In Brussels, the dollar opened at 29.72 Belgian francs, up from the previous close at 29.64.

In Rome, the dollar opened at 1,575 Italian lira, up from the previous close of 1,570.89.

Gold opened at $393.85 an ounce in Zurich, up from the previous close at $393.40, while in London it began trading at $393.25, up from the previous close at $393.75.

Silver opened at $5.37 in Zurich, down from the previous close at $5.40, while in London it opened at $5.36, down from the previous close at $5.39.

In Tokyo, the dollar closed at 105.26 Japanese yen, up from the previous close at 102.57.

In Singapore, the dollar closed at 1.4265 Singapore dollars, up from the previous close at 1.4170.

In Hong Kong, the dollar closed at 7.7350 Hong Kong dollars, up from the previous close at 7.7340.

Gold closed at $393.75 in Hong Kong, up from the previous close at $390.45.