Word: dollar
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Dates: during 1970-1979
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...seemed at first; the rally that followed the Treasury-Fed announcement was one for the record books. On Thursday morning in Zurich, the dollar opened 1% up in value against the Swiss franc from the previous day. the sharpest overnight dollar rise ever recorded there. In Frankfurt, where the dollar had sagged to a record low of 2.07 marks during its autumn-long slide, it abruptly recovered to nearly 2.16, also a record rise. In Tokyo. where the dollar had fallen to a postwar low of 237 yen on Wednesday, it promptly rebounded...
...then on Friday, selling pressure began all over again. By day's end, the dollar had dropped back to 2.14 marks in Frankfurt, and to 2.01 Swiss francs in Zurich. One possible reason: speculators noticed that the Washington announcement a) did not promise any particular level of intervention, and b) hinted that the U.S. will not attempt to keep the dollar above any specified floor price-but will merely try to "reestablish order" on the exchanges. That would seem to leave room for a continued, though gradual, decline...
...officials, indeed, hope to stabilize the dollar without actually having to buy up many greenbacks. They theorize that the dollar's price has been driven down below any rational calculations of its real worth by speculators who expected it to keep dropping mostly because Washington would do nothing to hold it up. In this view, an expression of concern, coupled with a little judicious intervention here and there, will make the bears run for cover...
Will it? That raises the question of why the world's most powerful economy has wound up with one of the world's weakest currencies. In part, the dollar's fall has been a price that the U.S. has paid for expanding its economy faster than have other industrial nations. More important, the dollar turmoil is a delayed effect of the quintupling of oil prices during...
...spilled about $18 billion into foreign markets. And a dollar excess, like a wheat excess, drives down the price. As TIME'S European economic correspondent, Friedel Ungeheuer, reports from Brussels: "No one is saying that the U.S. economy is not sound. It's probably the soundest around anywhere...