Politics put dollar up against yen in European trading

Politics put dollar up against yen in European trading

LONDON (UPI): The dollar was higher against the Japanese yen in erratic trading yesterday as investors absorbed the implications of Prime Minister Morihiro Hosokawa's resignation.

The dollar was trading at 105.03 against the yen, up from the previous London close at 104.83. In overnight trading, the greenback traded in a range of 104.25 to 105.85 against the Japanese currency, falling back from its highs amid concern that the resignation could lead to uncertainties in Japan-U.S. trade negotiations.

The dollar weakened slightly against the German mark in thin trading volume on profit-taking, dealers said. The greenback was trading at 1.7138 marks, down from the previous close at 1.7181. Sterling was at 2.5260 marks, up from an overnight 2.5204, and at $1.4738, up from a previous close at 1.4710 as the currency bounced off its lows against the U.S. and German currencies.

The lira moved around the 950 level against the mark, boosted by the prospect of a right-wing coalition government in Italy. The lira was trading at 951.85 against the mark from an overnight close at 954.

In Frankfurt, the dollar opened at 1.7130, down from the previous close of 1.7170.

In Zurich, the dollar opened at 1.4450 Swiss francs, down from the previous close at 1.4490.

In London, the pound opened at $1.4745, up from the previous close of $1.4710.

In Brussels, the dollar opened at 35.29 Belgian francs, down from the previous close at 35.41.

In Paris, the dollar opened at 5.8682 French francs, up from the previous close at 5.8558.

In Milan, in unofficial dealing, the dollar opened at 1,634.50 lira, down from the previous close of 1,641.70.

In Tokyo, the dollar closed at 104.95 yen, up from 104.27 at the previous close.

The dollar closed in Singapore at S$1.5700, up from the previous close at S$1.5693.

In Hong Kong, the dollar closed at HK$7.7277, up from the previous close at HK$7.7270.

Gold closed at $384.95 in Hong Kong, down from the previous close at $385.15.

In Zurich, gold opened at $384.20, up from $384.00 at the previous close, while in London it opened at $384.25, up from the previous close at $384.00.

Silver opened in Zurich at $5.46, down from the previous close at $5.47, and in London it opened at $5.44, down from the previous close at $5.46.