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Dollar paralyzed

NEW YORK: The dollar stood almost motionless, locked in an extremely narrow range at US midday, as players contemplated the damage from Thursday's surprise slide on a Bundesbank rate cut.

Some foreign currency traders saw scope for further downside but said the long-term view is still bullish.

Pedroli said the dollar could see a modest decline down to a target around 1.4650 marks and 95.50 yen near-term.

At midday, the dollar firmed to 1.4785/90 from 1.4773/78 marks at the open. It stood at 96.61/62 compared to 96.60/65 yen at the open.

The dollar was up to 1.2179/84 Swiss francs from 1.2160/70 at the open. It eased to Canadian $1.3459/64 from $1.3461/66. Sterling firmed to $1.5419/24 from $1.5410/20 at the open.-Reuter