Word: france
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...parallel abroad, where Americans were enjoying the spending power of the strongest dollar in years. Propelled by the high level of U.S. interest rates and concerns about political instability abroad, the dollar smashed records for three straight days. The U.S. currency reached alltime highs against the French franc, the Italian lira and the British pound, and a ten-year peak in relation to the West German mark. By the end of the week, a dollar was worth 8.59 francs, 1,700.25 lire and 2.8 marks. The pound cost only $1.40. The dollar's gains continued even though...
...year's trade deficit of $14 billion is dwindling rapidly, with this year's gap expected to be $7.5 billion. Delors will fall short of his goal of bringing inflation down to 8% this year, but the projected level, just above 9%, would be the lowest in France in ten years. Compared with inflation in the nation's major trading partners, especially West Germany, that level still is judged to be too high to avoid another devaluation of the frail franc...
Since 1980 the dollar's surge has been all but relentless. Its value has increased 105% in relation to the French franc, 53% against the West German mark and 50% against the British pound. Now America's currency is about 25% too strong for its own good, according to such experts as C. Fred Bergsten, director of the Institute for International Economics in Washington, and Otto Eckstein, chairman of Massachusetts-based Data Resources...
...dollar's current strength is a mirror image of its weakness in the late 1970s, when it sank to new lows against the West German mark, the Swiss franc and the Japanese yen. Then, many of today's problems were reversed. The abject dollar worsened U.S. inflation by raising the price of imports. European leaders angrily charged that the weak American currency made U.S. exports too cheap and was thus hurting the sale of European goods. The failing dollar also encouraged the Organization of Petroleum Exporting Countries to keep jacking up oil prices since member countries were being...
...legions of foreigners have been converting their money into dollars for investment in the U.S. In the process, they helped push the value of the dollar to new peaks on international exchange markets. Since 1980 it has surged 55% against the West German mark and 102% against the French franc. The rapid rise has made many American exports prohibitively expensive on world markets. As a result, Feldstein said, the U.S. merchandise trade deficit is likely to hit a record $60 billion to $70 billion this year, and may pass the $100 billion mark...