Dollar trades mixed in Europe

LONDON (UPI): The U.S. dollar traded mainly higher across Europe yesterday morning in what foreign exchange dealers saw as a recovery from last Friday's sell-off.

In London, the U.S. currency was quoted at 1.5547 German marks, down on the previous finish of 1.5569. Against the Japanese yen, the greenback changed hands in London at 113.24, little changed from the previous 113.26.

Paul Meggyesi, currency strategist at Deutsche Morgan Grenfell, warned that there could still be "seeds of doubt" sown by Alan Greenspan, chairman of the U.S. Federal Reserves, about the durability of current stock-bond valuations.

Earlier, it was announced that Japanese private machine orders had risen a huge 44.2 percent in October, well above market expectations.

The British pound continued to regain some of its recent losses against other major currencies, as investors focussed on British economic fundamentals and put worries about the political situation to one side.

Sterling was quoted in London against the dollar at US$1.6521, up from the previous $1.6471, and at 2.5704 German marks, up from its previous finish of 2.5644 marks.

In Frankfurt, the dollar opened at 1.5560 German marks, up from the previous day's late fixing of 1.5510.

In Zurich, the dollar opened at 1.3275 Swiss francs, down just a little from the previous close of 1.3280.

In Paris, the dollar opened at 5.2622 French francs, up from the previous close of 5.2465.

In Brussels, the dollar opened at 32.05 Belgian francs, down from 32.11.

In Milan, the dollar opened at 1,531.50 Italian lira, up from the previous close of 1,530.34.

In Tokyo, the dollar closed at 113.60 Japanese yen, up from the previous close of 113.08.

In Singapore, the dollar closed at S$1.3999, down from the previous close at $1.4007.

In Hong Kong, the dollar closed at HK$7.7331, virtually unchanged from the previous close of $7.7330, while gold closed at $368.15 in Hong Kong, down from the previous close at $368.65.

Gold opened at $368.90 an ounce in Zurich, unchanged from the previous close, while in London it started at $368.25, down from the previous $368.50, but later fixed higher at $368.80.

Silver opened at $4.81 in Zurich, up from $4.79, while in London it opened at $4.78, up from $4.76.