CURRENCY REPORT
Sterling's recent gradual recovery was suddenly halted in the week when the pound lost more than 1.75 c against the U.S. dollar in one day, says the Bank of New South Wales in its weekly foreign exchange renort. This trend continued throughout the week, and was not helped bv the announcement of a sterling £360 million June trade deficit. The Bank of England’s depreciation rate widened to 38.8 per cenl. However, markets are demonstrating growing confidence in sterling bv absorbing large selling orders without violent Irate fluctuations. I The French franc also retreatet.d against the U.S. dollar, with the unit reportedly receiving support from the Bank of France. Markets are concerned about the externalbalance of payments, payments implications of current drought, and future inflation trends. I Speculative interest in the (yen firmed the Japanese unit against the U.S. dollar.
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Press, 19 July 1976, Page 14
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141CURRENCY REPORT Press, 19 July 1976, Page 14
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