Word: greenback
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Dates: during 1970-1979
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...Europe, where the dollar's gyrations last winter and spring cost the U.S. Treasury some $3 billion in support operations, the greenback was already so grossly undervalued against the West German mark that the exchange rate remained relatively stable at about 2.04 to the dollar. But the value of the Swiss franc rose to an alltime high of 1.75, and the price of gold surged to a record $201 an ounce on frantic trading in both London and Zurich...
...opened the week at 200.1 yen and was instantly engulfed in a tidal wave of selling hysteria. Though the Bank of Japan spent a remarkable $400 million in official reserves during the first 25 minutes of trading on Monday in an effort to halt the collapse, the once mighty greenback still crashed through the psychologically important 200-yen barrier and kept plunging all week. At its Friday close on the Tokyo Exchange, a dollar would buy only 192.10 yen, a depreciation of nearly 5% in a week, and an overall decline of more than 18% since January...
When the sharp decline of the dollar began eight months ago, most Americans figured that the only major victims would be tourists: they would need more dollars to buy foreign trinkets. Now the greenback's sickness is infecting all Americans. Foreign sellers are increasing their prices to Compensate for the dollar's fall, and some U.S. manufacturers of competitive products have felt freer to follow through with price rises of their...
...chief of France's largest private bank. Such was the curt reaction in money centers last week to a widely ballyhooed U.S.-West German agreement that will give Washington more ammunition, in the form of borrowed deutsche marks, to use in defending the battered dollar. But unfortunately, the greenback fell once again in all major currency markets...
Considering the behavior of currency markets since December, last week had to be counted as one of the dollar's best. After hitting new lows with monotonous regularity, the greenback suddenly rose against the superstrong West German and Swiss currencies, reaching 2.05 deutsche marks and 2.0 Swiss francs, v. lows of 1.98 and 1.75 two weeks ago. The rise accelerated at week's end after President Carter announced that U.S. and German officials have been conferring by telephone about concrete new plans for strengthening the dollar; Carter himself chatted with West German Chancellor Helmut Schmidt for 15 minutes...