Trading was relatively quiet on London international money exchange today, after yesterday's brisk trading in which the U.
Trading was relatively quiet on London international money exchange today, after yesterday's brisk trading in which the U.S. dollar plunged below the 200 Yen level for the first time since the second world war. As we were there, the dollar registered against the Yen at 195.90, down on the low it reached in London Yesterday of 197.75. Accordingly there have been other variations on International currency values with Sterling rising against the dollar. According to Owen Mitchell, Chief manager of the world Money centre National Westminster Bank's main trading centre in the heart of London's banking district, the dollar has settled today as International dealers await the publication of America's world trade figures tomorrow.
The basic causes for the dollar's fall are being identified as due to Japan's massive current account surplus with the U.S. and recent OPEC speculation that world oil prices may be fixed round a basket of foreign currencies, instead of as at present, the dollar.