EUROPEAN MARKETS REACT QUIETLY TO G-7 COMMUNIQUE European currency markets reacted quietly to the G-7 communique, with comments from bankers and dealers ranging from disappointment that it was not more concrete to surprise that the markets should have expected so much. The dollar opened lower against virtually all currencies and traded in a narrow range after the communique, which reaffirmed support for the Paris accord on currency stabilisation but contained no moves to strengthen it. Frankfurt and Zurich dealers saw the dollar staying broadly entrenched in its current trading range.