  The simple structure of HgBa$_2$CuO$_{4+\delta}$ (Hg1201) is ideal among
cuprates for study of the pseudogap phase as a broken symmetry state. We have
performed $^{17}$O nuclear magnetic resonance (NMR) on an underdoped Hg1201
crystal with transition temperature of 74 K to look for circulating orbital
currents proposed theoretically and inferred from neutron scattering. The
narrow spectra preclude static local fields in the pseudogap phase at the
apical site, suggesting that the moments observed with neutrons are
fluctuating. The NMR frequency shifts are consistent with a dipolar field from
the Cu$^{+2}$ site.
