U.S. dollar trades lower across Europe

LONDON (UPI): The U.S. dollar was trading slightly lower across Europe yesterday morning, despite news overnight of a lower-than-expected Japanese October trader surplus.

In London, the U.S. currency was quoted at 1.5057 German marks, down on the previous finish of 1.5073. The dollar traded at 111.17 Japanese yen from the previous finish of 111.14.

The Japanese trade surplus was estimated at 470.86 billion yen in October, below market expectations of 541 billion yen and well down on September's surplus of 780 billion yen.

Dealers said the fall in the overall trade surplus was tempered somewhat for the dollar by the 31 percent year-on-year rise in the bilateral surplus with the U.S., although a Japanese Ministry of Finance official did point out that the trend was still downwards.

The mark was steady on its European crosses, as investors focused on this week's release of German M3 money supply and business sentiment data for October, dealers said.

Sterling remained well-bid against the mark and the dollar ahead of the release of public sector borrowing requirement data for October. Market expectations were for a debt repayment of 1.9 billion pounds, compared with a Psbr of 3.4 billion pounds in September.

Sterling was being quoted at 2.5029 German marks from its previous finish of 2.5115 marks.

In Frankfurt, the dollar opened at 1.5065 German marks, down from the previous close of 1.5082.

In Zurich, the dollar opened at 1.2755 Swiss francs, down from the previous close of 1.2770.

In London, the pound opened at US$1.6627, down from the previous close of $1.6661.

In Paris, the dollar opened at 5.0888 French francs, down from the previous close of 5.0920.

In Brussels, the dollar opened at 31.03 Belgian francs, down from the previous close of 31.07.

In Milan, the dollar opened at 1,516.50 Italian lire, down from the previous close of 1,516.73.

In Tokyo, the dollar closed at 111.14 Japanese yen, down from the previous close of 111.39.

In Singapore, the dollar closed at S$1.3996, down from the previous close at $1.3998.

In Hong Kong, the dollar closed at HK$7.7325, up from the previous close of $7.7320.

Gold opened at $380.25 an ounce in Zurich, up from the previous close at $379.25, while in London it started trading at $380.25, up from the previous close of $379.25.

Gold closed at $380.25 in Hong Kong, down from the previous close at $380.65.

Silver opened at $4.93 in Zurich, up from the previous close at $4.87, while in London it opened at $4.93, up from the previous close at $4.85.