U.S. dollar falls across Europe

LONDON (UPI): The U.S. dollar was trading lower across Europe yesterday morning, as traders took cautious positions ahead of the release of U.S. employment cost index data for the second quarter later in the day.

In London, the U.S. currency was quoted at 1.4804 German marks, down on the previous finish of 1.4818. The dollar traded at 107.97 Japanese yen from the previous finish of 107.98.

The German mark was steady against other European currencies at the start of the session as it was announced that the German 1995 trade surplus had been revised down to 88 billion marks from a previous estimate of 93.4 billion.

Sterling was rangebound against other major currencies ahead of the monthly monetary meeting between the Chancellor of the Exchequer Kenneth Clarke and the Governor of the Bank of England Eddie George.

Sterling was being quoted at 2.3067 German marks from its previous finish of 2.3091 marks.

In Frankfurt, the dollar opened at 1.4797 German marks, down from the previous close of 1.4834.

In Zurich, the dollar opened at 1.2035 Swiss francs, down from the previous close of 1.2065.

In London, the pound opened at US$1.5575, down from the previous close of $1.5578.

In Paris, the dollar opened at 5.0235 French francs, down from the previous close of 5.0285.

In Brussels, the dollar opened at 30.50 Belgian francs, down from the previous close of 30.51.

In Milan, the dollar opened at 1,525 Italian lira, down from the previous close of 1,526.72.

Gold opened at US$385.15 an ounce in Zurich, up from the previous close at $384.45, while in London it started trading at $384.75, up from the previous close of $384.50. In Hong Kong, gold closed at US$385.05, down from the previous close at $385.15.

Silver opened at US$5.07 in Zurich, unchanged from the previous close, while in London it opened at $5.08, down from the previous close at $5.09.

In Tokyo, the dollar closed at 108 Japanese yen, down from the previous close of 108.42.

In Singapore, the dollar closed at S$1.4135, down from the previous close at S$1.4145.

In Hong Kong, the dollar closed at HK$7.7325, unchanged from the previous close.