In Brief : Dollar Mixed in Europe; Gold Lower
LONDON — The U.S. dollar was mixed in nervous European trading today as financial markets await results of Friday’s meeting of finance ministers and central bankers from the seven major industrialized nations.
Gold prices fell slightly in light trading.
Dealers said they expect the dollar to move in a narrow range ahead of Friday’s meeting in Washington of the Group of Seven and the release that day of U.S. unemployment figures.
A trader at a large West German bank said he does not expect any major news to come out of Friday’s meeting but nevertheless attributed the light trading to concern in the market about possible surprise developments.
In Tokyo, where trading ends before Europe’s business day begins, the dollar surged 1.27 yen to a closing 130.40 yen. Later, in London, it was quoted lower at 129.60 yen.
Other late dollar rates in Europe, compared with late Tuesday’s levels were: 1.8725 West German marks, up from 1.8710; 1.5845 Swiss francs, down from 1.5985; 6.3600 French francs, up from 6.3580; 2.1080 Dutch guilders, down from 2.1100; 1,367.50 Italian lire, up from 1,365.00; and 1.1895 Canadian dollars, up from 1.1840.
In London, the dollar gained against the British pound. It cost $1.7500 to buy one pound, cheaper than $1.7535 late Tuesday.
Gold fell in London to a late bid price of $393 a troy ounce, compared with late Tuesday’s $394.25.
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