CURRENCY : Dollar Creeps Up at Home, Falls Overseas
The dollar rose narrowly on domestic markets but fell overseas Tuesday with little news to influence trading.
Gold prices slipped. Republic National Bank of New York quoted a bid of $443.25 for an ounce of gold as of 4 p.m. EDT, down from $445 at the same time Monday.
“It is a very sleepy, featureless market,” said Robert Ryan, senior foreign exchange trader with Irving Trust Co.
There were few developments to sway trading, Ryan said. However, one trader said the dollar managed a late rally because of rumors of buying interest among Japanese investors.
Narrow Range Predicted
Overseas trading was subdued because markets in Japan were closed for a national holiday.
Dealers in Europe said the dollar would likely continue to fluctuate within a narrow range at least until the scheduled release Friday of U.S. unemployment data. The market also looked ahead to the May 17 release of U.S. merchandise trade figures for March, dealers said.
In London, the British pound edged up to $1.8715 from $1.8645. In later New York trading, the pound slipped to $1.86825 from $1.87225 late Monday.
The dollar was quoted in London at 124.83 Japanese yen, down from 125.33 yen in Tokyo on Monday. In New York, the dollar rose to 125.155 yen from 124.825 yen.
Other late dollar rates in New York, compared to Monday’s late rates, included: 1.67955 West German marks, up from 1.67825; 1.39875 Swiss francs, up from 1.39735; 5.7105 French francs, up from 5.7000; 1,249.375 Italian lire, up from 1,1248.83, and 1.23575 Canadian dollars, up from 1.23255.
Other late dollar rates in Europe, compared to Monday’s late prices, included: 1.6770 West German marks, down from 1.6810; 1.3945 Swiss francs, down from 1.4015; 5.6935 French francs, down from 5.7153; 1.8795 Dutch guilders, down from 1.8860; 1,247.50 Italian lire, down from 1,251.60, and 1.2294 Canadian dollars, down from 1.2315.
Gold bullion slipped to $443.50 on the Commodity Exchange in New York from $445.60 late Monday. In Zurich, Switzerland, gold was quoted at a late bid of $446.00, unchanged.
In London, the metal was quoted at $445.50. The city’s bullion markets were closed Monday. Gold closed at $449.25 on Friday.
Earlier, in Hong Kong, gold closed at a bid of $446.57, down from $450.30.
Silver bullion closed on the Comex in New York at $6.298 an ounce, down from $6.353 late Monday. Silver traded in London at $6.39, down from $6.45.
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