WEST GERMANY: UNITED STATES DOLLAR FALLS TO ALL TIME LOW AGAINST WEST GERMAN MARK.

Record ID: 338461

  • Title: WEST GERMANY: UNITED STATES DOLLAR FALLS TO ALL TIME LOW AGAINST WEST GERMAN MARK.
  • Date: 1st March 1978
  • Summary: 1. GV EXTERIOR Frankfurt stock exchange 0.05 2. SV General activity inside stock exchange (8 shots) 0.56 3. SV Dealers trading on telephones (2 shots) 1.12 4. CU Dealer's note-book 1.14 5. SV Girl writing latest exchange rates on board 1.22 6. SV Dealers looking on (2 shots) 1.26 7. GV General money market activity 1.31
  • Embargoed: 16th March 1978 12:00
  • Keywords:
  • Location: FRANKFURT, WEST GERMANY
  • Country: Germany
  • Reuters ID: LVABS4KAFU7LWBK6X8HBQ12LBM1H
  • Story Text: Following a week of intensive activity on the international currency exchange markets, the United States dollar dropped to below to West German marks on Wednesday (1 March).

    SYNOPSIS: Recent activity in the West German stock exchange has been brisk as the value of the United States dollar fluctuated against major world currencies. Last weekend, the Swiss stepped in on the international money market to try to prop it up and preserve some semblance of order on the foreign exchanges. But, after a brief recovery, it began dropping again, and on Wednesday (1 March) fell to its lowest ever level of 1.9882 Marks. This latest fall has been the result of world anxiety about future of the American economy -- which is suffering a huge trade deficit. Officials in major European capitals have stressed that this has led to a general lack of confidence, resulting in a fall not justified by purely economic factors.

    Reuters report that the latest drop follows figures issued in Washington on Tuesday (28 February) about the state of the U.S. economy. The figures, released by the U.S. Commerce Department, show that its index of 10 leading economic indicators has fallen by 1.9 per cent in the last month. This is the first decline in six months, and the biggest drop for three years. And has resulted in a European rush to sell dollar holdings.
  • Copyright Holder: REUTERS
  • Copyright Notice: (c) Copyright Thomson Reuters 2015. Open For Restrictions - http://about.reuters.com/fulllegal.asp
  • Usage Terms/Restrictions: None
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