U.S. dollar trades higher accross Europe

LONDON (UPI): The U.S. dollar was trading mainly higher but within tight ranges across Europe yesterday morning, and analysts expected the dollar to remain stuck in quiet trading.

In London, the U.S. currency was quoted at 1.5108 German marks, down on the previous finish of 1.5112. The dollar traded at 110.12 Japanese yen from the previous finish of 110.08.

Traders said the dollar was still looking reasonably firm, underpinned by last Friday's supportive U.S. inflation and retail sales data.

They said that the summit between French and German finance ministers and central bankers was likely to see the usual commitments to the starting date for economic and monetary union.

In addition, Wednesday's French Budget should have an easy passage, they said, adding that the Bank of France might ease its intervention rate after the council meeting on Thursday which was likely to see the franc testing 3.40 francs to the mark.

Sterling was being quoted at 2.3509 German marks from its previous finish of 2.3520 marks.

In Frankfurt, the dollar opened at 1.5138 German marks, up from the previous close of 1.5128.

In Zurich, the dollar opened at 1.2420 Swiss francs, up from the previous close of 1.2415.

In London, the pound opened at US$1.5557, down from the previous close of $1.5568.

In Paris, the dollar opened at 5.1396 French francs, up from the previous close of 5.1385.

In Brussels, the dollar opened at 31.09 Belgian francs, down from the previous close of 31.10.

In Milan, the dollar opened at 1,525 Italian lira, down from the previous close of 1,527.43.

In Tokyo, the dollar closed at 110.07 Japanese yen, down from the previous close of 110.32 on Friday.

In Singapore, the dollar closed at S$1.4108, up from the previous close of 1.4099.

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