Word: yen
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...speculators who had been dumping dollars in the conviction that Washington would do nothing much to stop the slide scrambled to buy back bucks. In chaotic trading on Wednesday, the dollar rose 5% against the Japanese yen, 7% against the West German mark and 7.5% against the Swiss franc. Gold, which speculators buy when the dollar is sick and sell when they think it may recover, fell a startling $23 an ounce by the end of the week...
...initial reaction to the speech, and the plan, was far from encouraging. Corporate money managers, bankers and speculators, apparently believing that Stage II is too weak and will not work, sent the dollar plunging. The greenback fell to its lowest exchange rate since World War II against the yen, the deutsche mark, the guilder, the Belgian franc and the Danish and Norwegian crowns. The price of gold, which moves inversely to the dollar, reached a new peak of $233.70 an ounce. "We had not expected much," explained one Zurich foreign-exchange dealer about Carter's plan, "but neither...
CORPORATIONS. To them, selling the dollar is mere prudence. A Japanese company may book an order to deliver $1 million worth of steel to the U.S., with payment due in 30 days. Rather than wait to receive the dollars, which by then might be worth fewer yen, the company quite probably will immediately sell $1 million for as many yen as it can get, with the dol lars to be delivered in 30 days. U.S.-based multinationals do essentially the same thing. Hercules Inc., a major chemical company, in 1971 negotiated a five-year loan in Swiss francs, on terms...
...result from changes in currency values. Many a corporate treasurer comes to the end of each quarter knowing that his company will have to report a heavy loss, possibly because it will have to pay more dollars to settle bills owed to German and Japanese suppliers in marks or yen. The treasurer sometimes will make speculative sales of dollars late in the quarter, seeking trading profits to offset part of the loss...
Psst... want to speculate against the dollar? It's easy - even if the amateur lacks the cash or savvy to deal in the big-time foreign-exchange markets. For $26.75 almost anybody can buy a traveler's check denominated in German marks or Japanese yen; $32.95 gets one denominated in Swiss francs. The buyer can hold it as long as he likes and then cash it in at the exchange rate prevailing that...