U.S. Dollar trades higher on European currency markets

LONDON (UPI): The U.S. dollar was trading mostly higher across Europe yesterday, but its rapid ascent seemed to have faltered as markets warily awaited the next move from the world's central banks.

In London midmorning trade the U.S. currency was mixed, trading at 1.4790 German marks from a previous close of 1.4770. Against the Japanese yen, the dollar was at 97.65 from 97.99 at Thursday's close.

Analysts said the dollar was little changed in thin trade, with investors nervous about taking the currency lower in case of further intervention from the Federal Reserve, the Bundesbank and the Bank of Japan.

They said there was little incentive to drive the dollar forward after Thursday's disappointing U.S. trade figures.

Elsewhere, the British pound saw little reaction to yesterday's release of British M4 money supply figures which came in above expectations.

Sterling was at 2.2840 against the German mark from 2.2730 at the last close.

Analysts said that other European currencies were benefiting from the decline of the German mark against the dollar.

The French franc was at 3.4247 German marks from 3.4280.

In Frankfurt, the dollar opened at 1.4815 German marks, up from the previous close of 1.4793.

In Zurich, the dollar opened at 1.2315 Swiss francs, up from the previous close of 1.2275.

In London, the pound opened at US$1.5403, up from the previous close of $1.5392.

In Paris, the dollar opened at 5.0730 French francs, up from the previous close of 5.0675.

In Brussels, the dollar opened at 30.47 Belgian francs, up from the previous close of 30.38.

In Rome, the dollar opened at 1,622 Italian lira, down from the previous close of 1,627.16.

In Tokyo, the dollar closed at 97.89 Japanese yen, up from the previous close of 97.88.

In Singapore, the dollar closed at S$1.4280, up from S$1.4222 at the previous close.

It rose to 2,254 Indonesian rupiah from Thursday's close of 2,252 and was a shade lower to 25.04 Thai baht from 25.09 and to 2.4933 Malaysian ringgit from 2.4950.

In Hong Kong, the dollar closed at HK$7.7445, unchanged from the previous close.

Gold opened at $384.80 an ounce in Zurich, up from the previous close of $384.50, while gold opened at $385.00 in London, up from the previous close of $384.50. Gold closed at $384.85 in Hong Kong, up from the previous close at $383.45.

Silver began at $5.67 in Zurich, up from the previous close of $5.59, while in London it began at $5.68, up from the previous close at $5.58.