The dollar firmed against the Japanese yen yesterday, and registered little change against most major European currencies in relatively light trading. Gold fell.
In Tokyo, the dollar closed at 215.75 yen, up 0.85 yen over Monday's close of 214.90. In New York, the dollar closed at 215.93 yen, up from 215.19.
Dealers said trading was very quiet because the market appears to be waiting for some sign that participants at the International Monetary Fund meeting in Seoul plan to take further action.
"The sentiments coming out of Seoul among the Europeans seem to suggest that they are happy with the initial response to the Group of Five meeting," said Michael Snow, senior vice president of Union Bank of Switzerland.
"I think the Europeans feel comfortable with the current levels, which tell speculators and bankers that the appetite for further intervention may not be there right now for European currencies."
In London, the dollar fell slightly Tuesday to $1.4155 per pound, down from $1.4137, and in New York it was up to $1.4141 from the previous close of $1.4151. The dollar bought $1.3659 Canadian, down from $1.3668 Monday.
Republic National Bank in New York closed cash gold at $325 an ounce yesterday, down from $327. The New York Commodity Exchange settled gold at $324.80, down from $326.60 Monday. In Zurich, gold closed unchanged at $326.50 an ounce, and in London, it closed at $326.25, down from $326.75.
Silver closed unchanged in London at $6.295. On the cash market, silver fell to $6.28 from $6.33. The Comex settled silver at $6.277, down from Monday's $6.326.