Word: francs
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...long-anemic dollar last week rose in price against the German mark, the French franc and other currencies. By week's end it had gained an average 5.4% from recent lows, recouping two months of losses on world money markets. Gold, the traditional investment refuge of dollar doubters, dipped briefly below $ 100 an ounce for the first time in three months...
Such are the depths of devaluation and disrepute to which the once almighty dollar has fallen. So far this year the German mark and the Swiss franc have appreciated about 35% against the dollar; the French franc has risen 25%. This is causing prices of many European exports to climb intolerably and threatening a number of Continental industries. To ease the situation, European monetary officials went on demanding that the U.S. Government intervene-buy up dollars on foreign money markets to keep the dollar from falling out of sight. What they got in return last week was something short...
...foreign money exchanges, the price of the dollar early in the week fell to postwar lows against some other currencies, including the German mark, Swiss franc and Japanese yen. Just since the start of the year, the dollar has lost a stunning 15% of its value or even more in terms of some major foreign currencies (see chart above ). Although much of this decline was caused by the second formal devaluation in February, enough has occurred in recent weeks of free trading to lead French President Georges Pompidou to describe that drop, accurately, as constituting in effect "a third devaluation...
...squez and I" at the Prado. Madrid's al ta sociedad was on hand-but museum authorities were not-for the vernissage of the only contemporary painting in the famous gallery: Dali's portrait of a lady riding a horse as in a surrealist dream. His subject: Francó's granddaughter Carmencita, Princess Alfonso de Borb...
...Washington, Federal Reserve Board Chairman Arthur Burns announced bravely, "As far as I'm concerned, this is the last devaluation." Many speculators clearly did not believe him. Bursts of late selling drove the dollar's price down against the Swiss franc, Dutch guilder and Italian lira. Through Wednesday, the West German Bundesbank found enough buyers of dollars to unload some $950 million of the $6 billion in unwanted greenbacks that it had been forced to buy just before the devaluation, but on Friday it had to buy dollars again to support the price...