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CURRENCY : Dollar Declines in Quiet Holiday Trading; Gold Up

February 16, 1988|Associated Press

LONDON — The U.S. dollar fell Monday in Europe, where trading was quiet due to holidays in West Germany and the United States. Gold prices rose.

Foreign currency dealers said the dollar moved up and down a bit during slight position adjusting maneuvers among those who remained to trade.

A holiday in the northern part of West Germany and Washington's Birthday holiday in the United States emptied most foreign exchange trading rooms, they said.

"We are doing only nominal trading," said one dealer at a major West German bank in Frankfurt. "Very small sums are crossing the floor."

In Tokyo, where trading ends as Europe's business day begins, the dollar rose 1.05 yen to close at 131.00. Later, in London, it was quoted at 130.15 yen.

In London, the dollar fell slightly against the British pound. It cost $1.7455 to buy one pound, compared to $1.7401 late Friday.

Other late dollar rates in Europe, compared to late Friday included: 1.7085 West German marks, down from 1.7123; 1.4040 Swiss francs, down from 1.4065; 5.7705 French francs, down from 5.7865; 1.9180 Dutch guilders, down from 1.9225; 1,257.50 Italian lire, down from 1,260.75, and 1.2658 Canadian dollars, up from 1.2624.

Gold prices rose in active European trading. The late bid price for gold was $445.10 an ounce in London, compared to late Friday's $443.

In Zurich, Switzerland, gold closed at a bid price of $445.50, compared to $443.50 late Friday.

Bullion markets in Hong Kong were closed for Chinese New Year.

Silver bullion prices rose marginally in London where it was trading at a late bid price of $6.35 an ounce, compared to Friday's $6.34.

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