Word: francs
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...enough, despite actual, coordinated sales by the five governments, to leave the long-range impact of the devaluation drive in doubt. Money traders believe the five governments have specifically targeted the dollar-yen exchange rate; the yen gained 8.8% last week against the greenback, vs. 5.8% for the French franc and 3.6% for the British pound. There is no question that a lower price for the dollar would reduce U.S. imports and increase exports: if a dollar buys fewer yen, then Americans would need more dollars to buy a Toyota, while Japanese would pay fewer yen to purchase American coal...
Kenneth Lawson, a Seattle lawyer, was surprised to find that an old friend in France had become somewhat chilly. "He constantly made digs about how the artificially high rate of the dollar was ruining the franc and the French economy," says Lawson. "I'd definitely say the high dollar has hindered our ! friendship." A Los Angeles sales-promotion executive, Vicki Carr, experienced some hostility in Britain about lavish American spending on luxuries that Britons can ill afford. Says she: "In the past I felt Londoners were very, very friendly. This year they were not that helpful, not that willing...
...same price as two years ago when the Irish pound was worth about 25% more. The 18-karat, Swiss-made gold Rolex Presidential watch actually went up in U.S. list price during the past three years, from $7,950 to $8,850, even though the Swiss franc has fallen in value about...
...optimism in the financial markets was tempered by worries about the fate of the dollar, which last week gyrated wildly. At first, it took off on its swiftest, steepest climb since 1978. By Tuesday afternoon it had risen 2% against the West German mark and the French franc and more than 3% vs. the British pound, which sank to an all-time...
...central banks of West Germany, Britain, France and all the other major industrial countries launched a joint campaign to defend their currencies by selling dollars on the exchange markets. Though the Federal Reserve would not publicly confirm it, the U.S. joined the battle to rein in the dollar. Said a senior Administration official: "We spent tens of millions and the Europeans spent hundreds." By Wednesday afternoon the banks had unloaded at least $1.5 billion and sent the high-flying dollar into a nose dive. It dropped 4% compared with the mark and franc and 6% against the British pound. Even...