Word: lira
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Dates: during 1970-1979
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...should trim the U.S. trade deficit and bolster the dollar. Next day the dollar hit yet another record low against the deutsche mark, dropped against the Swiss and French francs, the Dutch guilder and the British pound, and even sank to a 31-month low against the weak Italian lira. The apparent reason: moneymen concluded that if this is all the hope Carter has to offer, the dollar is still in trouble. Confidence in the dollar has so eroded that it sometimes plunges sharply these days with no specific news at all to account for the drop...
...well as other currencies, and thus also help stabilize the dollar itself. Schmidt's proposal features two devices: 1) a so-called boa of currencies, which would have more leeway than the old snake to let weaker currencies, such as Britain's pound and Italy's lira, initially move up and down within a broader margin than the stronger currencies; and 2) a kind of "mini-IMF" of pooled reserves from which the members could automatically draw funds to support their currencies and deter speculation...
Sink it did last week, and not so gradually. Before the agreement, the dollar had risen to 2.08 DMs; by week's end it had dropped to 2.03. It also fell against the Swiss franc, the French franc, the Italian lira and the British pound...
...gold window slammed shut, boasted that he had acquired a reputation as "a sort of bullyboy on the manicured playing fields of international finance." Nixon's own attitude was immortalized by a casual comment on a Watergate tape: "I don't give a shit about the [Italian] lira...
...psychologically important two-mark barrier before rallying slightly to close the week at 2.02. In Switzerland, the dollar rocketed between extremes of 1.88 and 1.75 Swiss francs within two trading days. The dollar even managed a distinction of sorts by hitting a 17-month low against the Italian lira, one of the world's weakest currencies...