• Short Summary

    The United States dollar continued to ease on the West German Foreign Exchange market on Wednesday (9 January) after opening at 2.8635 Marks.

  • Description

    The United States dollar continued to ease on the West German Foreign Exchange market on Wednesday (9 January) after opening at 2.8635 Marks.

    In active trading over the day, the dollar fell to 2.8515 Marks compared to the previous night's closing price of 2.8610 and the Tuesday fixing price of 2.8790 Marks.

    On Monday, the dollar had made starting gains against other world currencies because the Untied States was thought to be better able to deal with the current oil crisis than other industrialised nations.

    The easing took place due to a combination of circumstances including profit taking, the decision by the Japanese Central Bank to resume support for the Yen after allowing it to be effectively devalued by seven per cent on Monday, and the news that the price of Libyan oil had been increased by considerably less than had originally been reported (only to 15.76 dollars a barrel as opposed to a reported 18.76 dollars).

    The German Federal Bank (Bundeskbank (alone sold 19 million dollars on the Frankfurt exchange. Dealers predicted that the dollar would ease even further. On other Foreign Exchange markets the dollar also suffered falls - 2.2450 dollars to the pound sterling as against 2.2300 dollars the previous night and similar falls against the French and Swiss francs and Italian lira.

  • Tags

  • Data

    Film ID:
    VLVA1E0N89IIB8QSNCGSRE3O8A2CE
    Media URN:
    VLVA1E0N89IIB8QSNCGSRE3O8A2CE
    Group:
    Reuters - Including Visnews
    Archive:
    Reuters
    Issue Date:
    09/01/1974
    Sound:
    Unknown
    HD Format:
    Available on request
    Stock:
    Colour
    Duration:
    00:00:58:00
    Time in/Out:
    /
    Canister:
    N/A

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