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Sterling Boosted By Big Demand

(N Z P A.-Renter—Copyright/ LONDON. Septmber 14. Buying orders for sterling from practically every country in Europe yesterday gave the pound its. biggest boost since last May. In eight hours, the market rate was lifted from 2.7938 dollars to 2.7970 dollars —the biggest daily rise this year. Foreign exchange dealers had just settled into their offices yesterday morning when the first orders to buy came from Switzerland, followed by more from Paris, which has been more often a seller lately. The trend continued through the day. overseas buyers being anxious to show (renewed confidence in sterling's future after Friday’s announcement of more aid from

the central banks of 10 countries.

Dealers believed that speculators who had been selling sterling in anticipation of devaluation were now desperately trying to recover holdings before the price went even higher. As always when sterling is ! riding high, the gold market took a tumble. At the daily price fixing the bullion rate was lowered by 6| pence to 251 s 2d an ounce and shares in gold companies dropped by up to 7s 6d.

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Permanent link to this item

https://paperspast.natlib.govt.nz/newspapers/CHP19650915.2.120

Bibliographic details

Press, Volume CIV, Issue 30856, 15 September 1965, Page 14

Word Count
184

Sterling Boosted By Big Demand Press, Volume CIV, Issue 30856, 15 September 1965, Page 14

Sterling Boosted By Big Demand Press, Volume CIV, Issue 30856, 15 September 1965, Page 14