Word: francs
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...France's business community was showing signs of profound alarm at the prospect. Capital investment has come to a virtual standstill because of business worries about the sweeping nationalization programs advocated by the Socialists and Communists in their ill-named (the two parties still differ greatly as to the details) Common Program. Two weeks ago, the franc took a dizzying plunge on European money markets as a result of what Barre termed "psychological factors explained by political uncertainty...
...dollar's long slide in value turned into a headlong, chaotic dive. In Zurich, where selling pressure was greatest, the plunge lopped nearly 4% off the dollar's value against the Swiss franc in a single day. So, at just about the time last Wednesday when Jimmy Carter told an evening audience of French businessmen in Paris that "the U.S. will strive to maintain the strength of the dollar," the Treasury and the Federal Reserve Board in Washington put substance behind his words...
...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...
...Living costs abroad. Americans traveling or residing overseas have felt the effect of the dollar's drop most immediately and directly, especially in such countries as West Germany and Switzerland, where the greenback's decline against local currency has been severe. In Switzerland the franc has risen 25% against the dollar in the past year. A tourist couple may well spend $45 for a not particularly lavish dinner with a bottle of wine, v. $36 a year ago-even though the price of the meal in Swiss francs has not changed. In West Germany, where the inflation rate...
...autumn, last week it went suddenly into a free-fall plunge that sent it skidding to postwar lows on money markets from Tokyo to Frankfurt. When the dust finally settled at week's end, a dollar could buy only 241 Japanese yen, 2.14 deutsche marks or 2.06 Swiss francs. Since January the dollar has lost 22% against the yen, 19% against the Swiss franc and 11% against the mark. Nor has the once mighty greenback been dropping only against those traditionally strong currencies; lately it has also lost ground against the anemic French franc and British pound...