Dollar trades in tight ranges in Europe

LONDON (UPI); The U.S. dollar was trading in tight ranges across Europe yesterday morning ahead of a key-note speech by a top official of the Japanese finance ministry, expected to give clues to yen direction.

In London, the U.S. currency was quoted at 1.5062 German marks, up on the previous finish of 1.5051. The dollar traded at 111.65 Japanese yen from the previous finish of 111.39.

Currency analysts said the market was expecting Eisuke Sakakibara to make comments supportive of the dollar, although comments were unlikely to have any sustainable effect.

Earlier, the ministry had spoken out against a further slide in the yen.

Despite stronger-than-forecast inflation data, the British pound was quoted at 2.5064 German marks from its previous finish of 2.4917 marks.

In Frankfurt, the dollar opened at 1.5043 German marks, down from the previous close of 1.5068.

In Zurich, the dollar opened at 1.2700 Swiss francs, up from the previous close of 1.2695.

In London, the pound opened at US$1.6551, down a touch from $1.6555.

In Paris, the dollar opened at 5.0840 French francs, down from the previous close of 5.0930.

In Brussels, the dollar opened at 31.02 Belgian francs, down from 31.05.

In Milan, the dollar opened at 1,515.00 Italian lira, down from the previous close of 1,517.38.

In Tokyo, the dollar closed at 111.62 Japanese yen, up from the previous close of 111.52.

In Singapore, the dollar closed at S$1.4006, down from the previous close at 1.4012.

In Hong Kong, the dollar closed unchanged, again, at HK$7.7325.

Gold opened at US$382.75 an ounce in Zurich, down from the previous close at $383.95, while in London it started trading at $383.25, down from the previous close of $383.75. In Hong Kong, gold closed at US$383.25, up from the previous close at $382.85.

Silver opened unchanged at $4.93 in Zurich, While in London it also opened unchanged at $4.91.