DOLLAR OPENS EASIER IN QUIET FRANKFURT
The dollar opened easier in quiet
trading and should stay firmly entrenched in its established
range ahead of this week's round of international finance
meetings, dealers said.
    "There is little turnover, no new ideas or impulses," a
dealer at a U.S. Bank said. "It promises to be a boring day."
    He said the dollar's range was expected to be 1.8075 to
1.8250 marks in the run-up to the International Monetary Fund
forum. The mark eased against some currencies on speculation
call money rates could fall further. Despite this, the dollar
opened lower at 1.8200/15 marks after yesterday's 1.8260/70.
    The Bundesbank is due to announce a securities repurchase
tender today. Money market dealers said funds may be allocated
at lower than the 3.80 pct the bank has set since its monetary
package at the end of January, softening the mark's undertone.
    Sterling opened at 2.951/955 marks, just under yesterday's
closing 2.954/958, and was seen firming further against major
currencies on a wave of popularity for British prime minsiter
Margaret Thatcher's ruling Conservatives.
    "Sterling is looking very healthy at the moment," one dealer
said, adding that Japanese security houses bought pounds at the
start of trading.
    Dealers said the pound was also supported by an improved
British economic outlook and stability in the oil market.
    The Swiss franc continued to firm against the mark as
investors took advantage of the interest rate differential.
    It opened higher at 120.25/40 marks per 100 after
yesterday's last 120.10/25.
    The yen strengthened to open at 1.2520/2540 marks per 100
from yesterday's last 1.2490/2510 and the French franc was
unchanged at yesterday's last 30.04/07 marks per 100.
    The Belgian franc was stable at 4.828/830 marks per 100.
    The Danish crown started at 26.48/51 marks per 100, little
changed from yesterday's closing 26.49/51.
    Eurodollar deposit rates were steady from late yesterday,
with six month funds unchanged at midpoint 6-9/16 pct.
Six-month euromarks were stable at midpoint 3-7/8 pct.
 REUTER
