Foreign Exchange : Dollar Off Against Most Currencies

The dollar fell against major world currencies Monday, as traders took profits amid disappointment over word that the so-called Group of Five finance ministers would not be meeting this weekend, analysts said.

Gold prices were also lower. At the Republic National Bank, gold stood at $400.35 an ounce, down from $404.50 on Friday.

“I think the dollar really suffered on profit-taking from Friday,” said Daniel Holland, an analyst at the Discount Corp. of New York.

He was referring to the strong rally that took place on currency markets after the release of figures showing that the December U.S. trade deficit was $10.66 billion, much lower than had been expected.

Earlier Monday in Europe, dealers had blamed the same reason for declines on markets there.

Robert Ryan, senior trader at New York’s Irving Trust, said another reason was word that there would not be a “Group of Five” meeting this weekend.