DOLLAR OPENS LOWER IN NEW YORK
The dollar opened lower following the
trend set earlier in the Far East and Europe, dealers said.
    Still, the U.S. currency remained well within recent
trading ranges because few operators are prepared to go out on
a limb ahead of today's meeting of Group of Five finance
ministers and central bankers in Washington.
    The overnight sell-off was partly due to skepticism that
this week's monetary talks will yield new or lasting measures
to stabilise currencies. But whatever their opinions, U.S.
dealers remained cautious of selling the dollar aggressively.
    The dollar opened at 145.10/20 yen, down from 145.85/90.
    The dollar's decline occurred despite renewed Bank of Japan
intervention on its behalf in Tokyo, dealers noted. Dealers in
Japan said the central bank bought dollars steadily for yen
during Tokyo hours.
    "There were some large sell-orders in Tokyo, but apparently
it wasn't too hectic," said a dealer at one major U.S. bank.
"The tone still is very cautious ahead of the Washington
meetings."
    The dollar also opened at 1.8220/30 marks, down from
1.8260/70 at last night's close, and at 1.5120/30 Swiss francs,
down from 1.5180/90.
    Meanwhile, sterling prolonged its advance with the aid of
more public opinion polls indicating the ruling Conservative
party would retain power with a large majority in any general
election. Sterling rose to 1.6186/91 dlrs, from 1.6175/85 on
Monday, but eased slightly to about 2.953 marks from 2.955.
    Dealers did not detect any U.K. intervention to subdue the
pound today. Some said the U.K. central bank may have bought
dollars for yen in Europe, but this could not be confirmed.
    The dollar eased to 1.3071/76 Canadian dollars from
1.3080/85 yesterday, showing limited response to president
Reagan's endorsement of efforts for U.S./Canada free trade.
 Reuter
